Supreme Court · 1990 INSC 382 · Decided 7 December 1990
Mahabir Cold Storage v. Commissioner of Income Tax, Patna
- Court
- Supreme Court of India
- Citation
- 1990 INSC 382 · [1990] SUPP. 3 S.C.R. 469
- Case number
- CIVIL APPEAL No. 469/1976
- Decided
- 7 December 1990
- Bench
- KULDIP SINGH, K. RAMASWAMY (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Constitution; Income Tax Act Section 31, 33, 33(1), 256(1)
Headnote
Income Tax Act, 1961-Section 31( 1)-Development rebate­ Entitlement to unity of ownership and use of asset in business not to be disrupted. The appellant-assessee is a registered fll"DI. It started functioning w .e.f. May 3, 1956 at Purnea as the branch office of tbe partnership firm M/s partners Prayagchand Periwal and Hanumanmal Periwal. The partners had taken loan from Periwal & Co. Pvt. Ltd for erection of cold storage at Purnea and for its running capital. Later, Periwal & Co. was taken as a partner in the Purnea Branch for better management and financial assistance.
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