Supreme Court · 1966 INSC 172 · Decided 20 September 1966
Travancore Sugars and Chemicals LTD. v. Commissioner of Income-Tax, Kerala
- Court
- Supreme Court of India
- Citation
- 1966 INSC 172 · [1967] 1 S.C.R. 423
- Case number
- CIVIL APPEAL No. 324/1965
- Decided
- 20 September 1966
- Bench
- J.C. SHAH, V. RAMASWAMI, VISHISHTHA BHARGAVA (3-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 10(2)(xv)
Headnote
Jndmn Income-tax Act, 1922, s. 10(2) (xv)-PurchaSe of industrial undertaking from Government-Agreement t<> pay percentage of net pro­ fits to Guvernment annually-Such payment whether revenue or capi.tal expenditure. The appellant company was formed with a view to taking over certain of the erstwhile .State of Travancore. Apart from the eash consideration for the said purchase the appellant agreed to pay to the Government a certain percentage of its net profits every year. In proceedings under 'the Indian Income-tax: 'Act, 1922, for the assessment year 1958-59 the
Judgments are the courts' own published copies, provided for study; they are not certified copies. Source: Indian Supreme Court & High Court Judgments, Dattam Labs (CC-BY-4.0)