Supreme Court of India
The Commissioner of Income-tax, Bombay City v. The Khatau Makanji Spinning and Weaving Co. Ltd., Bombay.
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.
3 Supreme Court benches have cited this judgment.
What the Court ordered
In the result, the appeal fails, and is dismissed with costs.
Judgment, page 8
From the headnote
Income-tax-Additional Income-tax-Total income-Method of computing-Indian Income-tax Act, r922 (II of r922), s. 3-The Indian Finance Act, I953 (XIV of r953). The Income-tax Officer found that in the assessment year r953-54 the respondent assessee-company had declared excess dividends amounting to Rs. l,87,691 and he levied additional income-tax on it at 5 annas in the rupee after deducting income tax borne by the profits of the previous year at 4 annas per rupee, a surcharge of 5 per cent. less rebate of one anna in the rupee as allowed by the Finance Act, 1953· The Income-tax Tribunal held
Where later benches applied it
- 1971 V. Venugopala Varma Rajah v. Commissioner Agricultural Income Tax, Trivandrum, Kerala
- 1960 The Income-tax Officer, Alwaye v. The Asok Textiles Ltd., Alwaye
- 1960 The Commissioner of Income-tax, Bombay City Ii v. Shri Sitaldas Tirathdas
Of those, 3 mentioned
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