Supreme Court · 1960 INSC 206 · Decided 17 November 1960
The Commissioner of Income-Tax, Bombay City, Bombay v. Bipinchandra Maganlal and CO. LTD., Bombay
- Court
- Supreme Court of India
- Citation
- 1960 INSC 206 · [1961] 2 S.C.R. 493
- Case number
- CIVIL APPEAL No. 761/1957
- Decided
- 17 November 1960
- Bench
- S.K. DAS, M. HIDAYATULLAH, J.C. SHAH (3-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Constitution Article 136; Companies Act; Income Tax Act Section 23A, 66(1)
Headnote
SUPREME COURT REPORTS 493 the High Court in the first instance, on a statement of r96o the case by the Tribunal. 5 1 b . Civil Appeal No. 143 of 1958, will, therefore, be dis- Suga: ~1~~1;1 Ltd. missed, but without any order as to costs. v. The Commissioner 0. A. No. 144 of 1958 allowed. O. A. No. and J. C. SHAH, JJ. Income-tax-Profit and assessable income-Diff crcnce between -Smallness of profit-How determined-Indian Income-tax Act, z922 (II of I9zz), ss. IO (z) (vii) second proviso, 66(I). The respondent company purchased certain machinery for Rs. 89,000 and sold it for the same
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