M/S.CARBON AND CHEMICALS (INDIA) LTD vs. THE COMMISSIONER OF INCOMETAX, KOCHI
ITR/70/2000HC Kerala01 Mar 2021
Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS
For Respondent: THE COMMISSIONER OF INCOMETAX
Section 143(1)(a)Section 201Section 256(1)Section 41(1)Section 41(1)(a)
capital receipt and not a business receipt. By virtue of the fiction
enacted under Section 41(1) of the 1963 Act, the difficulty created by
the decision in British Mexican Petroleum case was overcome. The
provision now by a legal fiction makes the amount so received to be
treated as profits and gains includable in the total income