Punjab Distilling Industries Ltd. vs Commissioner Of Income Tax

Authority: Supreme Court Date: 1965-02-09 AY: 1956-57 Section: 2(22) Acts: Indian Income Tax Act 1922, Government of India Act 1935, Indian Companies Act 1913, Finance Act 1956 Result: Revenue Citation: (1965) 57 ITR 1 (SC) Justices: K. Subba Rao, Raghubar Dayal, J.R. Mudholkar, R.S. Bachawat & V. Ramas Appeal No: Civil Appeal No. 414 of 1964
Whether Section 2(6A)(d) of the Indian Income Tax Act 1922 is ultra vires the Central Legislature --- Held No; Whether distribution of accumulated profits on reduction of capital under Section 2(6A)(d) occurred in assessment year 1955-56 or 1956-57 --- Held 1956-57; Whether security deposit on empty bottles constitutes capital gains --- Held No (conceded by appellant).

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