Supreme Court of India
The Commissioner of Income-tax, Madhya Pradesh and Bhopal v. Messrs. Vyas & Dotiwala
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
2 Supreme Court benches have cited this judgment.
What the Court ordered
In the result, we would answer both parts of the Doliwula question framed, in the affirmative.
Judgment, page 7
From the headnote
I ncome-tax-Assessees financing. cloth distribution scheme-Pro fits, if accrue to assessees-Agreement to utilise profits for charitable purposes-Such profits, if exempt from taxation-Indian Income-tax Act, r922 (XI of r922), s. 4(3) (i-a). The Deputy Commissioner of Amraoti, evolved a scheme for the distribution of standard cloth. The assessees agreed to finance the scheme without charging any interest and were ap pointed financiers and distributors.
Where later benches applied it
- 2011 Manjit Singh @ Mange v. Cbi, through its S.P.
- 2005 Commissioner of Trade Tax, U.P. and Anr. v. M/s. Kajaria Ceramics Ltd.
Of those, 2 mentioned
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