Supreme Court · 1965 INSC 301 · Decided 15 December 1965
First Income-Tax Officer, Salem v. M/S. Short Brothers (P) LTD.
- Court
- Supreme Court of India
- Citation
- 1965 INSC 301 · [1966] 3 S.C.R. 84
- Case number
- CIVIL APPEAL No. 97/1965
- Decided
- 15 December 1965
- Bench
- K. SUBBA RAO, J.C. SHAH, S.M. SIKRI (3-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Constitution Article 226; Income Tax Act Section 18(3D)
Headnote
Income-tax Act (11 of 1922), ss. 2(6-A)and 12-B-"Accumu/ated Profits", meaning of-If inc/ud<s capital gains from sale of lands yielding agricultural income. After the respondenl-company sold it• asoets, which included agricul­ tural lands and buildings, it wa. re3olved that 850,000 to share-holder.. The appellant (Income-tax Officer) proposed to treat the amounts distributed as dividends and to call upon the liquidators to pay the lax under s. 18(3D) of the Income-tax Act, 1922. The liquida­ rors contended that the amount was capital appreciation realised by
Judgments are the courts' own published copies, provided for study; they are not certified copies. Source: Indian Supreme Court & High Court Judgments, Dattam Labs (CC-BY-4.0)