Supreme Court · 2000 INSC 386 · Decided 9 August 2000
The K.C.P. LTD. v. Commissioner of Income Tax, Bangalore
- Court
- Supreme Court of India
- Citation
- 2000 INSC 386 · [2000] SUPP. 2 S.C.R. 302
- Case number
- CIVIL APPEAL No. 7652/1996
- Decided
- 9 August 2000
- Bench
- S.P. BHARUCHA, R.C. LAHOTI, N. SANTOSH HEGDE (3-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 2(24), 256(1)
Headnote
c D E F G Income Tax Act, 1961-Ss.2(24), IO and 37-Trading Receipts-Price of sugar realised in excess o.flevy price-In the ordinary manner of assessee 's business activities-Plea that the excess amount was retained in a separate account and liable to be paid to the purchaser, hence cannot be account under a head­ ing given by the assessee would not alter the nature o.f the receipt if it actually be a trading receipt-Transfer of the amount to Sugar Equalisation Fund of Govemmellt in 1997 does not have any bearing on the taxability o.f the amount which was a trading receipt in
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