Supreme Court · 1965 INSC 262 · Decided 24 November 1965
Kesoram Industries & Cotton Mills LTD. v. Commissioner of Wealth Tax, (Central) Calcutta
- Court
- Supreme Court of India
- Citation
- 1965 INSC 262 · [1966] 2 S.C.R. 688
- Case number
- CIVIL APPEAL No. 539/1964
- Decided
- 24 November 1965
- Bench
- K. SUBBA RAO, J.C. SHAH, S.M. SIKRI (3-judge bench)
- Outcome
- Case Partly allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 67B, 3
Headnote
Wealth Tax Act (27 of 1957), ss. 2(m) and 1-Provision for paying dnco1ne-tax-lf deductible debt~Provision for payn1ent of dividend­ When deductible-Scope of s. 1. In the profit and loss account of the, appellant company for the ac- · counting year ending 31st 'March 1957, a certain sum to be distributed for that :year; and its balance-sheet as on that date showed the value of its fixed . assets and another sum as a provision for tax liability under the Income- tax Act, 1922. In computing the net wealth for the purposes of Wealth 'Tax Act, 1957, the Wealth Tax Officer accepted
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