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Supreme Court Dismisses Revenue's Appeal in Income Tax Matter — Assessee Entitled to Section 25(4) Benefit. Business Was Carried on at Commencement of Amendment Act 7 of 1939, as Determined from Partnership Deed and Interpretation of Commencement Under General Clauses Act.

The dispute arose under the Indian Income Tax Act, 1922, concerning the entitlement of the assessee firm to exemption under section 25(4) for the asse...

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Supreme Court Partially Allows Appeal in Mortgage Accounting Suit; Usurious Loans Act Not Applicable as Mortgage Executed Before Its Extension to Cantonment Area.

The dispute arose from a usufructuary mortgage executed on 14 July 1933 by four mortgagors in favour of one Khanmull over a property in the Cantonment...