Court : Allahabad
Decided on : May-17-1928
Reported in : AIR1929All118; 114Ind.Cas.865
..... its resin, it would certainly have to take into account this additional royalty paid to the government. (4) as regards the definition of price, section 77, contract act states 'sale' is the exchange of property for a price. there is nothing in this definition which precludes the inclusion of this additional royalty as part of ..... government sold the factory in bareilly. (5) looking at the origin of the agreement of sale between government and the syndicate which resulted in the eventual formation of the company, we notice that the primary object of government was to obtain a market for its resin.7. in the order of appeal of ..... -26 as additional royalty to the local government is a sum which should not be included in the assessment of income-tax on the profits of the indian turpentine and resin company, limited. the company is allowed the costs of this referencemukerji, j.8. i agree with my learned brother in answering the ..... it entered into a deed of sale and an annexed schedule of agreement with a certain syndicate of three gentlemen who eventually floated the company called the indian turpentine and resin company, limited. the primary object of the local government was to have an assured market for the crude resin obtained from its forest ..... , j.1. this is a reference by the commissioner of income-tax in the following terms in regard to the business of the indian turpentine and rosin company, limited:is the share of the profits of the company in 1925-26, which was paid to the government .....Tag this Judgment!