Commissioner Of Income Tax vs Provident Investment Co. Ltd.

Authority: Supreme Court Date: 1957-05-15 Section: 45, 45(1), 2(47) Acts: Indian Income Tax Act (pre-1961), Income Tax and Excess Profits Tax (Amendment) Act, 1947, Indian Finance Act, 1949, Finance (No. 3) Act, 1956 Result: Assessee Citation: (1957) 32 ITR 190 (SC) Justices: Bhagwati, S.K. Das & Kapur, JJ. Appeal No: Civil Appeal No. 179 of 1954
Whether the transaction involving resignation/relinquishment of managing agency rights for consideration constitutes capital gains under section 12B of the Indian Income Tax Act --- Held No, as it was neither a sale nor transfer but a relinquishment.

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