Supreme Court Upholds Income Tax Department's Assessment of Cloth Distribution Profits as Business Income Not Exempt Under Income-tax Act. Profits Arising from Cloth Distribution Scheme Financed and Worked by Assessees Held Taxable as Business Income, Not Exempt Under Section 4(3)(i-a) of the Indian Income-tax Act, 1922 as it was not a charitable institution....
This appeal by special leave before the Supreme Court concerned the taxability of profits derived from a cloth distribution scheme devised by the Deputy Commissioner of Amraoti. The assessees, Messrs....
