Supreme Court · 2003 INSC 185 · Decided 26 March 2003
Delhi Farming and Construction (P) LTD. v. Commissioner of Income Tax, Delhi
- Court
- Supreme Court of India
- Citation
- 2003 INSC 185 · [2003] 3 S.C.R. 35
- Case number
- CIVIL APPEAL No. 7525/2001
- Decided
- 26 March 2003
- Bench
- RUMA PAL, B.N. SRIKRISHNA (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 2(24)(vi), 104
Headnote
B Income Tax Act, 1961: Sections 2(24)(vi) and (45), 45, 47(viii), 104 and 109(1)-levy of Super Tax on undistributed income of investment company-Capital gain to assessee- C company prior to 1.3.1970 by compulsory acquisition of agricultural land­ Decision by Directors of the assessee-company of the profit for the current years-income tax officer holding the company liable to additional income tax-Propriety of levy-Held : The Capital gain could not have been D subjected to tax as it was wholly exempted from 'capital gains' and was not part of the 'gross income' or
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