Bombay Steam Navigation Co. (1953) ... vs Commissioner Of Income-Tax, Bombay on 21 October, 1964
In respect of the first question, the Supreme Court in State of Madras vs. G. L. Goelho, and in Bombay Steam Navigation Co. Ltd. vs. Commissioner of Income Tax, has upheld the view pointed of the Tribunal. This question has, therefore, to be answered in favour of the assessee and against the Department.