COMMISSIONER OF INCOME TAX vs. UNITED PROVINCES ELECTRIC SUPPLY CO
In the result, appeal is allowed
C.A. No.-006325-006325 - 1995Supreme Court17 Apr 2000
For Respondent: UNITED PROVINCES ELECTRIC SUPPLY COMPANY
Section 256(1)Section 32(1)Section 41(2)Section 6Section 7A
gains from business
or profession by virtue of deeming fiction, but the
receipts do not become business profits. He, therefore,
submitted that notional receipt of profit is in the nature
of capital receipt and as there is no provision or procedure
in the Act for taxing it again after receipt of additional
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