Supreme Court · 1999 INSC 126 · Decided 23 March 1999
Universal Plast LTD. v. Commissioner of Income Tax, Calcutta
- Court
- Supreme Court of India
- Citation
- 1999 INSC 126 · [1999] 2 S.C.R. 131
- Case number
- CIVIL APPEAL No. 207/1995
- Decided
- 23 March 1999
- Bench
- S.P. BHARUCHA, S.S.M. QUADRI, R.C. LAHOTI (3-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 2(13), 256(2)
Headnote
B Income Tax Act, 1961: Sections 2 (13) 28 and 56. Income Tax-Profits and Gains of business-A Y 1977-7 8-Licence fee­ Receipt of-By leasing and letting out factory, godowns and machinery C Business income or income from other sources-Tests to determine-Held : Such licence fee received by of assessee. The Appellant-assessee (in 'UPL' case) set up a factory for manufacturing of PVC sheet, and allied products. The assessee suffered D losses for two years and, therefore, .it entered into a "leave and licence" agreement with a manufacturer for a period of 7 years on payment
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