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Kirloskar Bros. Ltd. vs Commissioner Of Income-Tax, Bombay ... on 17 September, 1951 cites

Commissioner Of Income Tax, Bihar & ... vs Maharajadhiraja Sir Kameshwar Singh Of ... on 17 October, 1939

12. I hope the Department will not suggest that the market value of a cheque issued by the Government of India is any less than its face value. It is rather interesting that the learned Judges of the Allahabad High Court considered the Privy Council decision in Commissioner of Income-tax v. Maharajadhiraja Kameshwar singh of Darbhanga and they have distinguished it by pointing out that, in the case of a debtor's promissory note, it is a mere substitution of promise to pay at a later date for the obligation to make a payment presently due, and also by relying on a dictum of Lord Justice Mackinnon in Westminster Bank Ltd. v. Osler, that "there can never be payment of his debt by a debtor by giving his own promise to pay at a future date".
Patna High Court Cites 3 - Cited by 111 - Full Document

Keshav Mills Co. Ltd. vs Commissioner Of Income-Tax on 14 September, 1949

We considered that case in Keshav Mills Co. Ltd. v. Commissioner of Income-tax and, it will be remembered, we pointed out that the Privy Council was considering the payment to the assessee of certain sums towards interest and theses sums were made up of seven items, and these seven items consisted, among other, of shares in different companies, bills receivable by brokers, a decree, a transfer of a loan, pro-notes and hand-notes of third parties, and hand-notes from the debtor himself; and the question was whether the receipt by the assessee of those assets constituted a receipt of income within the meaning of the Incom e-tax Act. It is in this connection that Lord Macmillan, delivering the judgment of the Board, stated at page 161 :-
Bombay High Court Cites 8 - Cited by 6 - V Bose - Full Document

Commissioner Of Income-Tax vs Maheshwari Saran Singh on 4 October, 1950

10. There is also another decision to which attention may be usefully drawn, and that is a judgment of the Allahabad High Court in Commissioner of Income-tax v. Maheshwari Saran Sing. The Allahabad High Court held that the receipt of U.P. Government Bonds in lieu of interest due was a receipt of income and was assessable to income-tax. And in the judgment, at page 95, the test their Lordships apply is as follows :-
Allahabad High Court Cites 7 - Cited by 7 - V Bhargava - Full Document
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