Supreme Court · 1960 INSC 252 · Decided 8 December 1960
The Commissioner of Excess Profits Tax, Madras v. N. M. Rayaloo Iyer & SONS.
- Court
- Supreme Court of India
- Citation
- 1960 INSC 252 · [1961] 3 S.C.R. 60
- Case number
- CIVIL APPEAL No. 494/1958
- Decided
- 8 December 1960
- Bench
- J.L. KAPUR, M. HIDAYATULLAH, J.C. SHAH (3-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act
Headnote
COURT REPORTS THE COMMISSIONER OF EXCESS PR:OFITS TAX, MADRAS v. N. M. RAYALOO IYER & SONS. [1961) (J. L. KAPUR, M. HIDAYATULLAH and J.C. SHAH, JJ.) Excess Profits Tax-Deductions-Remuneration of managing agent-Percentage of net profits less outgoings-Excess Profits tax, if included in Tax Act, I940 (IS of I940), ss. 2(I6), I9, ZI, Sch. I, cl. (IZ). The respondents, a firm carrying on business in dyes and chemicals under the name and style of Colours Trading Com­ pany, with their head office at Madurai and thirtee_n branch offices in different towns, were the chief
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