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1 - 10 of 31 (0.36 seconds)Section 32 in The Income Tax Act, 1961 [Entire Act]
Section 33 in The Income Tax Act, 1961 [Entire Act]
Section 28 in The Income Tax Act, 1961 [Entire Act]
Section 85A in The Income Tax Act, 1961 [Entire Act]
Commissioner Of Income-Tax, Gujarat vs Bai Vina on 22 October, 1964
30. We have already stated the facts relating to the decision of the Supreme Court in the case of Bipinchandra Maganlal & Co. and the decision of this court in Commissioner of Income-tax v. Bai Vina. In both the cases, the attempt was to carry the fiction contemplated by section 10(2)(vii) beyond its own field and the courts held that that was not permissible. But, here, we are carrying the fiction to its logical conclusion by keeping it within its own purpose and field. In our opinion, therefore, the decision in both these cases can be reconciled with our decision because we are not treating the excess over written down value in this case as anything but the return of capital but since this return of capital had previously also its resultant effect on the revenue account, the said effect is merely carried to its logical conclusion.