Supreme Court · 2000 INSC 142 · Decided 14 March 2000
The Travancore Rubber and Tea CO. LTD. v. Commissioner of Income Tax, Trivandrum
- Court
- Supreme Court of India
- Citation
- 2000 INSC 142 · [2000] 2 S.C.R. 290
- Case number
- CIVIL APPEAL No. 385/1999
- Decided
- 14 March 2000
- Bench
- D.P. WADHWA, RUMA PAL (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Contract Act Section 74; Income Tax Act Section 263, 51
Headnote
Income Tax Act, 1961-Section SJ-Agreement for sale of old rubber trees-Earnest money and advance amount received by assessee-Default in payment of balance amounts by purchasers-Forfeiture of amounts by assessee as per agreement-Forfeited amounts-Capital or revenue receipt­ Held, the forfeited a capital receipt-Indian Contract Act, 1872-Section 74. Appellant-assessee, a plantation company, is engaged in the business of growing rubber and tea. The assessee entered into agreements with purchasers for sale of old rubber trees. Earnest money arid advance amounts were paid to the
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