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PETITIONER: THE COMMISSIONER OF INCOME-TAX, MADRAS
Vs.
RESPONDENT: MYSORE CHROMITE LIMITED.
DATE OF JUDGMENT: 01/11/1954
BENCH: DAS, SUDHI RANJAN BENCH: DAS, SUDHI RANJAN MAHAJAN, MEHAR CHAND (CJ) HASAN, GHULAM BHAGWATI, NATWARLAL H.
CITATION: 1955 AIR 98 1955 SCR (1) 849
ACT: Indian Income-tax Act, 1922 (Act XI of 1922), s. 4-Profits derived by the assessee- Whether arose or were received in British Indian in the present case.
HEADNOTE: The assessee company with its registered office in Mysore State and its management vested in Oakley Bowden Co. Ltd.,Madras sold Chrome ore to buyers mostly outside India who were in America and Europe. The sales to the purchasers in Europe were put through in London by Borden Oakely and Co. Ltd., London, the agent of the assessee company in Europe, the said agent signing the contracts for sale in London. The sales to purchasers in America were effected through W. R. Grace & Co., New, York, who bought for undisclosed principals, the contracts for sale to American purchasers being signed by W. R. Grace & Co., Ltd., New York, in America and by Oakley Bowden & Co. Ltd. (Madras) in Madras. Under both forms of contracts with European pur. chasers and American purchasers the price was F.O.B. Madras. Provision was made for weighment, sampling and assay of goods at destination. The course of dealing betw...