Supreme Court · 1996 INSC 560 · Decided 22 April 1996
Ramesh Narain Saxena and ORS. v. Commissioner of Income Tax, New Delhi
- Court
- Supreme Court of India
- Citation
- 1996 INSC 560 · [1996] SUPP. 1 S.C.R. 610
- Case number
- CIVIL APPEAL No. 5508/1985
- Decided
- 22 April 1996
- Bench
- B.P. JEEVAN REDDY, S. SAGHIR AHMAD (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 28, 41(i), 256(1)
Headnote
Income Tax Act, 1961: Sections 28 anq 41(1). Income Tax-Assessee-f'ledge of goat skins with bank and over.iraft C obtained against pledge-Damage to pledged goods--Assessee initiated criminal prosecution against bank officials-Compromise between par­ ties-Assessee withdrawing prosecution-Bank for loss of damage to goods was a trading receipt and accordingly assessable to tax. D E The appellant-assessee, an exporter of hides and skins, pledged certain quantity of goat skins with the National Grindlays Bank during the accounting year relevant to the Assessment Year 1957-58 and obtained
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