Supreme Court · 1967 INSC 149 · Decided 5 May 1967
M/S. Killick Nixon & Company v. Commissioner of Income-Tax, Bombay
- Court
- Supreme Court of India
- Citation
- 1967 INSC 149 · [1967] 3 S.C.R. 971
- Case number
- CIVIL APPEAL No. 1919/1966
- Decided
- 5 May 1967
- Bench
- J.C. SHAH, S.M. SIKRI, V. RAMASWAMI (3-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 12B, 66
Headnote
Indian Income-tax Act (11 of 1922), ss. 12B (2), 3rd provilo, and L5(3) and 32(4)-Tribunal disposing of apper.1-Duty to consider evl· dence-Scope of s. 12B (2) 3rd proviso a·nd s. 25(3). The assessee-firm sold its assets to two companies and discontinued its business with effect from the income-tax department sought to assess, under s. 12B of the Indian Income-tax Act, 1922, the capital gains made by the ' lSessee. Capital gains under the section are computed, in a case (a) where there is no dispute about the market value of the asset on the date of transfer and (b) where the
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