Supreme Court · 1989 INSC 151 · Decided 28 April 1989
Vibhuti Glass Works v. Commissioner of Income Tax, Lucknow
- Court
- Supreme Court of India
- Citation
- 1989 INSC 151 · [1989] 2 S.C.R. 797
- Case number
- CIVIL APPEAL No. 1442/1975
- Decided
- 28 April 1989
- Bench
- R.S. PATHAK, RANGANATH MISRA (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
Headnote
---- VIBHUTI GLASS WORKS v. COMMISSIONER OF INCOME TAX, LUCKNOW APRIL 28, 1989 [R.S. PATHAK, CJ AND RANGANATH MISRA, J.] Income Tax ;I.ct, 1961: Section 28-Income-Accrual of­ Factory owned by assessee-State Government allowed to manage for 20 years as condition for grant of loan-Profits business had, been suffering losses for several years, resulting in increasing debt, the assessee took loans from the State Government and mortgaged the land, buildings and machinery. Later, under a deed executed by it the assessee allowed the State Government to take over running of the glass
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