Supreme Court · 1960 INSC 217 · Decided 24 November 1960
The Commissioner of Income-Tax, Bombay City I v. M/S. Jagannath Kissonlal, Bombay
- Court
- Supreme Court of India
- Citation
- 1960 INSC 217 · [1961] 2 S.C.R. 644
- Case number
- CIVIL APPEAL No. 358/1958
- Decided
- 24 November 1960
- Bench
- J.L. KAPUR, M. HIDAYATULLAH, J.C. SHAH (3-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act
Headnote
SUPREME COURT REPORTS (1961] THE COMMISSIONER OF INCOME-TAX, BOMBAY CITY I v. M/S. JAGANNATH KISSONLAL, BOMBAY (J. L. KAPUR, M. HrnAYATULLAH and J.C. SHAH, JJ.) Income Tax-Money borrowed by two persons for business pur­ poses on joint and several lidbility-One failing to pay his share­ purposes of its business the respondent borrowed a certain sum of money from the Bank of India on a pronote executed jointly by him and one Kishorilal in accordance with a commercial practice of carrying on business by borrowing money from Banks on joint and several liability. The money was
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