Section 60 of the Income Tax Act

Income-tax Act, 2025: s.96

Section 60 of the Income-tax Act, 1961 corresponds to section 96 (Transfer of income without transfer of assets) of the Income-tax Act, 2025.

Read section 96 of the 2025 Act

Correspondence checked against the ICAI tabular mapping of the two Acts and the BharatTax.co section commentary.

68 judgments on BharatTax turn on Section 60.

Judgments on Section 60

Dalmia Cement Ltd., Rajasthan vs. Commissioner of Income Tax, New Delhi

CIVIL APPEAL No. 4632/1992Supreme Court16 Apr 1999

Bench: Actual Accrual-Assessee Not Able To Retain The Profits After Sale Agreement-Thus, Profits Not Taxable In The Hands Of Assessee. Ss. 60 & 63--Applicability Of. Income Tax-Profits Of Business-Accrual Of-Held, Profits Do Not Accrue E From Day To Day But At The End Of The Accounting Year. Words & Phrases "Transfer "-Meaning & Scope Of In The Context Of S. 63 Of The Income F Tax Act, 1961. Appellant-Ass.Essee, By An Agreement Dated 24.7.1962 Agreed To Sell & Transfer Its Two Cement Factories To One 'M'. Subsequently, Supplemental Agreement Dated 2 •. 11.1962 Was Entered Into Between The Parties Stipulating In Clause 3 That The Profits & Loss Arising From The Two Factories Subsequent G To 30.9.1962 Shall Go To The Account Of Transferee. The Agreement Was Extended From Time To Time & Ultimately, On 30.9.1964, The Parties Entered Into A Sale Deed. Assessee Filed His Income-Tax Return For The Assessment Periods 1.10.1962 To 30.9.1963 & 1.10.1963 To 30.9.1964 Excluding The Profits Arising Out Of The Said Two Cement Factories. The Income-Tax Officer Rejecting The Said Returns, Passed An Assessment Order By Including The H 735