Supreme Court · 1964 INSC 146 · Decided 1 May 1964
Gillanders Arbuthnot and CO., LTD. v. The Commissioner of Income-Tax, Calcutta
- Court
- Supreme Court of India
- Citation
- 1964 INSC 146 · [1964] 8 S.C.R. 121
- Case number
- CIVIL APPEAL No. 825/1963
- Decided
- 1 May 1964
- Bench
- K. SUBBA RAO, J.C. SHAH, S.M. SIKRI (3-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act
Headnote
SUPREME COURT REPORTS 121 in principle is disclosed. Where on a consideration of the 196'# circumstances, payment is made to compensate a person Kettlew-;u-Bullen for cancellation of a contract which does not affect the and Co. v. trading structure of his business, nor deprive him of what CJ.T. in contract terminated) the receipt is revenue: Where by the cancellation of an agency the trac! ing structure of the assessee is impaired, or such cancellation results in loss -Of what may be regarded as the source of the assessee's income, tbe payment made to compensate for cancellation of the
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