Supreme Court of India
Dalmia Cement Ltd., Rajasthan v. Commissioner of Income Tax, New Delhi
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1 Supreme Court bench has cited this judgment.
What the Court ordered
In view of the above, we do feel it expedient to record that the Tribunal's finding as regards the applicability of Section 60 cannot but be ascribed to be otherwise in accordance with the known principles of law, having due regard to language used therein and the High Court unfortunately, we are constrained to record, has in fact misconstrued the provision and thus fell into an error.
Judgment, page 14
From the headnote
Income Tax Act, 1961 S. 28-Income Tax-Assessee-Agreement dated 24. 7.1962, to sell and transfer two cement factories-Supplemental agreement dated 2.11.1962 stipulating in clause 3 that profits and loss arising from the said factories after 30.9.1962 to go to the account of.transferee-Actual transfer of assets by sale deed dated 30.9.1964 Profits arising out from the two factories after agreement to sale hut prior to actual transfer-Liability to pay tax Determination of-R~ld, there was diversion of income by overriding title in favour of transferee even before actual accrual-Assessee not able
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