Supreme Court · 1975 INSC 288 · Decided 21 November 1975
M/S. Chidambaram Mulraj & CO. PVT. LTD. v. Commissioner of Income Tax, Bombay City I
- Court
- Supreme Court of India
- Citation
- 1975 INSC 288 · [1976] 2 S.C.R. 773
- Case number
- CIVIL APPEAL No. 360/1971
- Decided
- 21 November 1975
- Bench
- V.R. KRISHNA IYER, A.C. GUPTA (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 10(5A)
Headnote
773 Indian Income Tax Act, 1922-Sub-s. SA of s. 10 introduced by the Finance Act of 1955-Interpretation of-Compensation paid fdr the terminotion of a managing busi11e:u is a payment in relation to the said busi11ess-Previous year relevant to that receipt is the same as the managing agency business itself. . The assessee-appellant received in October, 1953, a sum of Rs. 9,95,000/­ out of Rs. 10,00,000 /- compensation for the premature termination of its manag­ ing agency business, a sum of Rs. 5,000/-, having been deducted towards broke­ rage. The
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