Supreme Court · 1960 INSC 192 · Decided 1 November 1960
The Commissioner of Income-Tax, Bombay Circle Ii v. The National Syndicate, BOMBAY.
- Court
- Supreme Court of India
- Citation
- 1960 INSC 192 · [1961] 2 S.C.R. 229
- Case number
- CIVIL APPEAL No. 280/1959
- Decided
- 1 November 1960
- Bench
- S.K. DAS, M. HIDAYATULLAH, J.C. SHAH (3-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 66(2), 10(2)(vii)
Headnote
SUPREME COURT REPORTS 229 THE COMMISSIONER OF INCOME-TAX, BOMBAY CIRCLE II v. THE NATIONAL SYNDICATE, BOMBAY. (S. K. DAs, M. HrnAYATULL.AH and J. C. SHAH, JJ.) Income- ~·ax-Business carried out for a part of the year-Com­ putation-If must be for the whole year-Indian Income-Tax Act, sewing machines and a motor lorry. Soon after the purchase the res­ pondent found it difficult to continue the business, therefore it closed its business in August, 1945. Between August 16, 1945. and February 14, 1946, sewing machines and the motor lorry were sold at a loss. The respondent
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