MANU/SC/0223/1968

IN THE SUPREME COURT OF INDIA

Decided On: 30.08.1968

Appellants: Laxmipat Singhania
Vs.
Respondent: Commissioner of Income-tax, U.P.

JUDGMENT

Shah, J.

1. Atherton West and Company Ltd., Kanpur, was a company in which at the relevant time "the public" were not "substantially interested" within the meaning of Section 23A of the Indian Income-tax Act, 1922. At the general meeting of the company held on April 22, 1939, the company failed to declare dividend to the extent of 60% of the assessable income of the company of its previous year as reduced by the amount of income-tax and super-tax payable

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