Supreme Court · 1991 INSC 171 · Decided 6 August 1991
Vijaya Laxmi Sugar Mills LTD. v. Commissioner of Income Tax, Kanpur
- Court
- Supreme Court of India
- Citation
- 1991 INSC 171 · [1991] 3 S.C.R. 383
- Case number
- CIVIL APPEAL No. 1103/1979
- Decided
- 6 August 1991
- Bench
- K. JAGANNATHA SHETTY, V. RAMASWAMI, YOGESHWAR DAYAL (3-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Companies Act; Income Tax Act Section 28, 56, 57(iii)
Headnote
LAXMI SUGAR MILLS LTD. v. COMMISSIONER OF INCOME TAX, KANPUR AUGUST 6, 1991 A [K. JAGANNATHA SHETIY, V. RAMASWAMI AND B YOGESHWAR DAYAL JJ.) Companies Act, 1956: Company in liquidation-Liquidator­ Rea/isation of assets-Whether carrying on a business of the Company. income Tax Act, 1961: Ss. 28: expenditures incurred by liquidator-Deduction of-Whether admissible under s. 57(iii): interest accrues sui generis. The appellant-company was ordered to be wound up in 1949. In D the course of its winding up the liquidator sold certain assets of the company and invested the sale proceeds
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