Supreme Court · 1979 INSC 97 · Decided 3 May 1979
Sassoon J. Davld & CO. (P) LTD., Bombay v. C.L.T., Bombay
- Court
- Supreme Court of India
- Citation
- 1979 INSC 97 · [1979] 3 S.C.R. 878
- Case number
- CIVIL APPEAL No. 2501/1972
- Decided
- 3 May 1979
- Bench
- N.L. UNTWALIA, E.S. VENKATARAMIAH (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 10(2)(xv)
Headnote
Indian Income Tt~x Act 1922-Section 10(2)(xv)-Scvpe of-Re­ trenchment compeTJ.Sation paid to emplOyees whose services were terminated-If an allowable deductiolt-"Wiwlly and exclusively" meaning of-Benefit to third party-Whether a consideradon for not allowing deduction. In January, Rs. 155 lacs as on December 31, 1955 decided to terminate the services of 22 ( of its employees with effect from 31st March, 1956 and to pay them retrench- ment compensation and compensation for termination of employment. There- after Davids, who held the share~ of the company entered into
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