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Sardar Indra Singh and Sons Ltd. Vs. Commissioner of Income Tax, West Bengal [1953] INSC 50 (23 September 1953)

Judgement Date : 23 Sep 1953

Citation : 1953 Latest Caselaw 50 SC

Headnote :

The issue of whether the surplus from the sale of shares and securities is to be considered as profits or gains, or merely an appreciation of capital due to a change in investment, depends on whether the sales that generated the surplus were closely linked to the business activities of the assessee....

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Sohan Pathak and Sons Vs. Commissioner of Income Tax, U.P [1953] INSC 51 (23 September 1953)

Judgement Date : 23 Sep 1953

Citation : 1953 Latest Caselaw 51 SC

Headnote :

A Hindu undivided family was engaged in money lending and brocade businesses. On July 16, 1943, a partial partition took place among the family members, with the brocade business being divided, and its assets and liabilities distributed equally between them. The following day, the adult members of t...

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Commissioner of Income Tax, West Bengal Vs. A. W. Figgies & Co., & Ors [1953] INSC 52 (24 September 1953)

Judgement Date : 24 Sep 1953

Citation : 1953 Latest Caselaw 52 SC

Headnote :

For income-tax assessment purposes, a firm is considered a separate entity distinct from its partners, and a mere change in the firm\'s constitution does not create a new assessable unit or a separate taxable entity. (1) 67 I.A. 464, 481.A firm consisting of three partnersâ€”A, B, and Câ€”operated a...

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