Supreme Court · 1971 INSC 15 · Decided 18 January 1971
Western States Trading CO. LTD. v. Commissioner of Income Tax, Central Calcutta
- Court
- Supreme Court of India
- Citation
- 1971 INSC 15 · [1971] 3 S.C.R. 383
- Case number
- CIVIL APPEAL No. 589/1967
- Decided
- 18 January 1971
- Bench
- J.C. SHAH, K.S. HEGDE, A.N. GROVER (3-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 10(2)(vii), 12, 10
Headnote
E F G H 383 WESTERN STATES TRADING CO. LTD. v. COMMISSIONER OF INCOME TAX, CENTRAL CALCUTTA January 18, 1971 [J. C. SHAH, C.J., K. S. HEGDE ANDcA. N. GROVER, JJ.J Income Tax Act 1922, s. 10(2)(vii) and: 24(2)-Appel/ant selling colliery after running it for part of the year-loss on sale written previous years. The asse~ entered, into an agreement with another company on November 2'9, 1954 for the sale of its colliery. It was provided , in the agreement that pending completion of the sale or delivery of pbssession, the vendor was to carry on business on behalf of the pur~haser and .run
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