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National Rayon Corporation Vs. Commissioner of Income Tax (1997) 227 ITR 764 (SC)
Case Law Details
- Case Name
- National Rayon Corporation Ltd. Vs. The Commissioner Of Income Tax (Supreme Court of India)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- Supreme Court of India
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Supreme Court of India
NATIONAL RAYON CORPORATION LTD.
Vs.
THE COMMISSIONER OF INCOME TAX
DATE OF JUDGMENT: 29/07/1997
(1997) 227 ITR 764 (SC),
BENCH: SUHAS C. SEN, K. T. THOMAS
(WITH C.A NOS. 2/95, 198/89, 432/89, 433/89 AND 2970/81)
JUDGMENT
SEN, J. The point that falls for determination in this case is whether a sum of Rs. 79 lakhs representing Debenture Redemption Reserve was includible in computing the capital of the assessee Company for the purpose of Companies (Profits) Surtax Act, 1964.
The High Court took the view that the amount set apart to redeem the debentures ...
