Supreme Court of India
C. I. T. (central) Calcutta v. Asiatic Textile 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
For the reasons mentioned above, these appeals fail and they are dismissed with costs.
Judgment, page 7
From the headnote
Income-tax Act, 1922, s. 23A (!)-Direction of Company deciding not to distribute profit owing to huge capital loss Capital loss a relevant consideration-Reasonableness of decision has to be I ooked at from view point of prudent business man. 81 The assessee was a limited company doing business as selling agents of a Textile Mill. During the previous years relevant for the assessment years 1955-56 and 1956-57 the company had assessable profits but did not declare dividend, because capital loss far in excess of profits was incurred by it due to fall in value of its share-holdings. The
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