Supreme Court · 1966 INSC 183 · Decided 23 September 1966
MESSRS. Associated Clothiers LTD. v. Commissioner of Income-Tax, Calcutta
- Court
- Supreme Court of India
- Citation
- 1966 INSC 183 · [1967] 1 S.C.R. 512
- Case number
- CIVIL APPEAL No. 969/1965
- Decided
- 23 September 1966
- Bench
- J.C. SHAH, V. RAMASWAMI, VISHISHTHA BHARGAVA (3-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Companies Act; Income Tax Act Section 10(2)(vii), 66A(2)
Headnote
B Indian lncome·ta:c Act, 1922 (II of 1922), s. 10(2)(vii)-Sale o/ assets by one company to another--Circumstances in lvhich sale can b~ treated as "in substance to se/f'-App/icabi/ity o/ s. 10(2) (vii) to such transaction. The appellant a private limited company, was originally by an order under C s. 11 ( 4) of the Indian Companies Act, 1913, its name was changed to "Messrs Associated Clothiers Ltd." On the same day a company styled "Messrs. Phelps & Co. Ltd." was incorporated. By a written agreement, also of the same date, the appellant company
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