Supreme Court · 1959 INSC 98 · Decided 4 August 1959
MESSRS. Godrej & Company, Bombay v. Commissioner of Income-Tax, Bombay
- Court
- Supreme Court of India
- Citation
- 1959 INSC 98 · [1960] 1 S.C.R. 527
- Case number
- CIVIL APPEAL No. 183/1956
- Decided
- 4 August 1959
- Bench
- SUDHI RANJAN DAS, NATWARLAL HARILAL BHAGWATI, M. HIDAYATULLAH (3-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Companies Act; Income Tax Act Section 66(1)
Headnote
SUPREME COURT REPORTS 527 MESSRS. GODREJ & COMPANY, BOMBAY v. COMMISSIONER OF INCOME-TAX, BOMBAY (S. R. DAS, C .• J., N. H. BHAGWATI and M. HIDA.YATULLAH, JJ.) Income-tax-Capital or revenue receipt-Remuneration of the managing agent-Variation of terms of agreemcnt-C ompensation for company for a period of thirty years from November g, r933. Clause 2 of the agreement provided for the remuneration of the managing agent. Some of the shareholders and directors of the company having felt that the scale of remuneration paid to the managing agent was extraordinarily excessive
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