Commissioner Of Income Tax vs Bipinchandra Maganlal & Co. Ltd.

Authority: Supreme Court Date: 1960-11-17 AY: 1947-48 Section: 2(24), 41(2), 104 Acts: Indian Income Tax Act 1922, Constitution of India Result: Assessee Citation: (1961) 41 ITR 290 (SC) Justices: S.K. Das, M. Hidayatullah & J.C. Shah, JJ. Appeal No: Civil Appeal No. 761 of 1957
Whether the sum of Rs. 15,608 (excess of sale price over written down value of machinery) should be included in the assessee company's profit for determining if payment of larger dividend would be unreasonable under Section 23A of the Indian Income Tax Act 1922 --- Held: No.

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