Supreme Court · 1953 INSC 6 · Decided 23 January 1953
K. M. S. Lakshmanier and Sons v. Commissioner of Income Tax and Excess Profits Tax, Madras
- Court
- Supreme Court of India
- Citation
- 1953 INSC 6 · [1953] 1 S.C.R. 1057
- Case number
- CIVIL APPEAL No. 71/1952
- Decided
- 23 January 1953
- Bench
- M. PATANJALI SASTRI, BIJAN KUMAR MUKHERJEA, N. CHANDRASEKHARA AIYAR, VIVIAN BOSE, GHULAM HASAN (5-judge bench)
- Case type
- Civil
Headnote
COURT REPORTS K. M. S. LAKSHMANIER AND SONS v. COMMISSIONER OF INCOME TAX AND EXCESS PROFITS TAX, MADRAS. 1057 [PATANJALI SASTRI C.J., MuKHEl~JEA, CHANDRA­ SEKHARA AIYAR, VIVIAN BosE and GmcLAM HASAN J.J.] Excess Profits Tax Act (XV of 1940)-Riiles under Sche­ dule II, R, 2-A-Computation of a yarn manufacturing company a,nd 'vbo distributed yarn to several constituents under forward contracts, kept two accounts for each constituent, vi.~., a "contract deposit account" and a "current yarn account", crediting the mone)'S 'vhich they recejved in advance from the
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