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PETITIONER: THE COMMISSIONER OF INCOME TAX AND EXCESS PROFITS TAX,
Vs.
RESPONDENT: THE SOUTH INDIA PICTURES LTD., KARAIKUDI.
DATE OF JUDGMENT: 14/03/1956
BENCH: DAS, SUDHI RANJAN BENCH: DAS, SUDHI RANJAN BHAGWATI, NATWARLAL H. AIYYAR, T.L. VENKATARAMA
CITATION: 1956 AIR 492 1956 SCR 223
ACT: Indian Income Tax Act, 1922 (XI of 1922), s. 10-Whether money received by the Assessee in the accounting period-As a revenue receipt or capital receipt-On the facts and in the circumstances of the instant case.
HEADNOTE: The assessee-a private limited company-carried on the busi- ness of distribution of films. In some instances the assessee used to produce or purchase films and then distribute the same for exhibition in different cinema halls and in other cases the assessee used to advance monies to producers of films and secure the right of distribution of the films produced with the help of the monies so advanced by the assessee. In the course of such business it advanced monies to Jupiter Pictures for the production of three films and acquired the right of distribution of these three films under three agreements in writing dated the September 1941, July 1942 and May 1945. The said agreements expressed in similar language contained similar ...