Supreme Court · 1959 INSC 77 · Decided 12 May 1959
MESSRS. Calcutta Company LTD. v. The Commissioner of Income-Tax, West Bengal
- Court
- Supreme Court of India
- Citation
- 1959 INSC 77 · [1960] 1 S.C.R. 185
- Case number
- CIVIL APPEAL No. 213/1955
- Decided
- 12 May 1959
- Bench
- SUDHI RANJAN DAS, NATWARLAL HARILAL BHAGWATI, M. HIDAYATULLAH (3-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Constitution Article 66A(2); Income Tax Act Section 66(1), 66A(2)
Headnote
COURT REPORTS MESSRS. CALCUTTA COMPANY LTD. v. THE COMMISSIONER OF INCOME-TAX, WEST BENGAL (S. R. DAs;C.J., N. H. BHAGWATI and M. HID.A,YATULLAH, JJ.) 185 I nc01-ne-tax-Assessme11t of land-developing Company-Jf ercan­ tile method of accounting adopted by assessee and accepted by Income­ on land-developing business and sold land after development on a profit. The whole of the 'development was not carried out before the land was sold nor the whole of the sale price received in cash at the time of the sale. ·In the accounting year in question the appellant sold a
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