Supreme Court of India
Commissioner of Excess Profit Tax Bombay City v. Sri Lakshmi Silk Mills Ltd.
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
We hold that the answer returned by the High Court to the question referred to it by the Tribunal was wrong ;:ind that the correct answer to the question would be in the affirmative and not in the nagative.
Judgment, page 11
From the headnote
Excess Profits Tax Act (XV of 1940), s. 2 (5)-"lncome from business"-Manufacturing company-Rent o:f plant and machin· ery let out to others-Whether income from business. The respondent, a company formed for the purpose of manu- facturing silk cloth, installed a plant for dyeing silk yarn as a part of its business. During the chargeable accounting period (1st January, 1943, to 31st Decembell, 1943) owing to difficulty in obtaining silk yarn on account of the war, it could make no use of this plant and it remained idle for some time. In August, 1943, the pl_ant was let out to' another company
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