Supreme Court of India
Vazir Sultan Tobacco Co. Ltd. Etc. Etc. v. Commissioner of Income-tax Andhra Pradesh, Hyderabad
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1 Supreme Court bench has cited this judgment.
What the Court ordered
In view of the aforesaid representations and submissions made by the learned lawyers, I was persuaded to hear these appeals with my learned brothers to avoid inconvenience not only to the lawyers but to the litigant pnblic.
Judgment, page 36
From the headnote
Super Profits Tax Act, 1963 and Company's (Profits) Sur-tax Act, 1964- Ru/e I of Second Schedule-Scope of-'' Provision" and "Reserve"·-Distinction sum of money transferred from current profits to general reserves-Dividend paid from that fund-General reserve how calculated. The Super (Profits Tax) Act, 1963 and the Company's (Profits) Sur-ta. Act, 1964 (the scheme and main provisions of both of which are almost identical) impose a special tax on excess profits earned by companies. The special t~ is imposed in respect of so much of a company's "chargeable profits" of the previous year as
Authorities it was built on
Where later benches applied it
Of those, 1 referred to
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