Supreme Court · 1971 INSC 268 · Decided 5 October 1971
Morvi Industries LTD. v. Commissioner of Income Tax (Central) Calcutta
- Court
- Supreme Court of India
- Citation
- 1971 INSC 268 · [1972] 1 S.C.R. 970
- Case number
- CIVIL APPEAL No. 2083/1970
- Decided
- 5 October 1971
- Bench
- K.S. HEGDE, A.N. GROVER, HANS RAJ KHANNA (3-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 4(1)(b)(i)
Headnote
111come-tax · Act, 1922, ss. 4(1) (b) (i) and 10(2) (xv)-Income accrues' when it becomes due-Relinquishment of office allowG.nce and commission by managing agent after they had become due on the ground that managed compan,v had suffered losses-Relinqufshmelll made after amounts had become included in total income-Relinquished amounts not deductible as expenses under s. !0(2)(xv) when the rtlin· quishment is not for purpose of assessee's business or on ground of com .. mercial expediency. The appellant, a limited company, was managing agent of another company. Under the
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