Supreme Court · 1964 INSC 205 · Decided 1 October 1964
Indore Malwa United Mills LTD., Indore v. State of Madhya Bharat and Others
- Court
- Supreme Court of India
- Citation
- 1964 INSC 205 · [1965] 1 S.C.R. 559
- Case number
- CIVIL APPEAL No. 1013/1963
- Decided
- 1 October 1964
- Bench
- K. SUBBA RAO, J.C. SHAH, S.M. SIKRI (3-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Companies Act; Income Tax Act Section 10(2)
Headnote
F G H INDORE MALWA UNITED MILLS LTD., INDORE v. STATE OF MADHYA BHARAT AND OTHERS October 1, 1964 (K. SUBBA RAo, 1. C. SHAH AND S. M. SIKRI, 11.) 55~ ·Indore Industrial Tax Rules, 1927, s. 3-Large amounts borrowed by Managing Agents from outsiders on behalf of the company and invested with Act, 1922, s. 10(2). The appellant company which carried on the business of manufacturing textiles was allowed by its Memorandum of Association to borrow money for the purpose of its business and to invest it inter alia in loans to others .. Its Board of Directors passed a resolution to the
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