Supreme Court · 1958 INSC 76 · Decided 3 October 1958
The Commissioner of Income-Tax, Madhya Pradesh and Bhopal v. MESSRS. Vyas & Dotiwala
- Court
- Supreme Court of India
- Citation
- 1958 INSC 76 · [1959] SUPP. 1 S.C.R. 39
- Case number
- CIVIL APPEAL No. 222/1956
- Decided
- 3 October 1958
- Bench
- T.L. VENKATARAMA AIYYAR, P.B. GAJENDRAGADKAR, A.K. SARKAR (3-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 66(1)
Headnote
SUPREME COURT REPORTS 39 THE COMMISSIONER OF INCOME-TAX, MADHYA PRADESH AND BHOPAL v. MESSRS. VYAS & DOTIW ALA (VENKATARAMA AIYAR, GAJENDRAGADKAR and A. K. SARKAR JJ.) I ncome-tax-Assessees financing. cloth distribution scheme-Pro­ fits, if accrue to assessees-Agreement to utilise profits cloth. The assessees agreed to finance the scheme without charging any interest and were ap­ pointed financiers and distributors. The orders for the cloth were placed by the Government with the mills and the cloth was deli­ vered to the assessees upon their paying the value of the
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