Supreme Court · 1986 INSC 136 · Decided 16 July 1986
Lagdish Sugar Mills LTD. v. The C.I.T Lucknow
- Court
- Supreme Court of India
- Citation
- 1986 INSC 136 · [1986] 3 S.C.R. 198
- Case number
- CIVIL APPEAL No. 1348/1974
- Decided
- 16 July 1986
- Bench
- R.S. PATHAK, SABYASACHI MUKHERJI (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- CPC Section 341; Income Tax Act Section 12B, 10, 10(2)(vii)
Headnote
SUGAR MILLS v. C.J.T. [PATHAK,J.] 199 Income-tax Officer called upon the assessee to explain why the excess amount which he had received on sale of the buildings, machinery and plant over the difference between the original and the written down value should not he subjected to tax under cl. of cl. (vii) of sub-s. (2) of s. 10; and (ii) that the sale having been completed prior to March 31, 1956, it did not attract the provisions of s. 12B relating to capital gains, which became effective from April 1, 1956 only. The Income-tax Officer rejected the aforsaid contentions and computed
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