Supreme Court · 1968 INSC 220 · Decided 3 September 1968
Lakshmirattan Cotton Mills v. Commissioner of Income-Tax, U.P.
- Court
- Supreme Court of India
- Citation
- 1968 INSC 220 · [1969] 1 S.C.R. 951
- Case number
- CIVIL APPEAL No. 2139/1966
- Decided
- 3 September 1968
- Bench
- J.C. SHAH, V. RAMASWAMI, A.N. GROVER (3-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 66(2)
Headnote
c D E F G H Income-tax Act (11 of 1922), ss. !0(2)(xv), 66(1), (2) and (4)­ T ermination of managinJ? agency-No evidence of services don~ by managing agent-Payment of compensation fvr termination-If permis­ sible deduction under s. 10(2) (xv). Questions not raised in application under s. Tribunal to state case on such question under s. 66(4). The shares in the a·ssessee-company were held in equal moieties by nvo families. Four members of each family, together, formed a partnership firm and by a managing agency agreement the ao;~ss<e appointed the fir!" as·
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