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Commissioner Of Income-Tax Bombay vs Chugandas And Co., Bombay on 29 July, 1964

This was affirmed in Commissioner of Income-tax v. Chugandas & Co. The Supreme Court considered the question at some length and took the view that the exemption granted to profits and gains from "business, profession or vocation" was not retracted to profits and gains assessable under section 10 of the Act. Shah. J., speaking for the court, further observed :
Supreme Court of India Cites 32 - Cited by 87 - J C Shah - Full Document
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