Home Case Index All Cases Income Tax Income Tax + SC Income Tax - 1965 (11) TMI SC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
1965 (11) TMI 38 - SUPREME COURTWhether, on the facts and the circumstances of the case, the Tribunal is correct in law in holding that the assessee-firm (R. B. Jodha Mal Kuthiala, Abdullapur Depot, Simla) was not entitled to the benefit provided in section 25(3) or section 25(4) of the Income-tax Act, in relation to the assessment in question ? Held that:- The partnership therefore came into being at the precise point of time at which the Indian Income-tax (Amendment) Act (7 of 1939) came into force and it could not be said that the assessee was not carrying on business at the commencement of the Indian Income-tax (Amendment) Act, 1939 (7 of 1939). The High Court was, therefore, in our judgment, right in holding that the assessee was entitled on the dissolution of that firm in March, 1943, to the benefit of section 25(4) of the Indian Income-tax Act. Appeal dismissed.
|