Guwahati Court November 1959 Judgments
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Nabadwip Chandra Roy Vs. Commissioner of Income-tax Assam.
Court: Guwahati
Decided on: Nov-30-1959
DEKA C.J. (ACTING). - This is a reference under section 66 (2) of the Indian Income-tax Act by the Income-tax Appellate Tribunal, Calcutta Bench, for a decision of this Court. The points under reference are as follows :"(1) Whether, under the facts and circumstances of the case, the receipt of Rs. 6,103 for the Assam Provincial Textile Co-operative Society by the assessee was exempt from taxation under the Income-tax Act as casual income of the assessee ?(2) Whether, under the facts and circumstances of the case, and in view of the addition of Rs. 5,147, the Tribunal was justified in treating the amount of Rs. 3,150 as further income from undisclosed sources ?(3) Whether under the facts and circumstances of the case, there was any material to hold that the cash credit of Rs. 11,000 standing in the accounts in the names of the son-in-law and the daughter of the assessee, was income of the assessee from undisclosed sources ?"It is necessary to advert to the facts with a view t...
Surangmali Punamchand Surana Vs. Commissioner of Income-tax, Assam, Tr ...
Court: Guwahati
Decided on: Nov-16-1959
DEKA, C.J. - This is a reference under section 66(1) of the Income-tax Act at the instance of the assessee. The facts stated are that the assessee a joint family concern carried on business in potato, oil cakes etc. and commission agency business. It had borrowed large amounts from the Shillong Banking corporation Ltd., (hereinafter referred to as the bank for the purpose of shortness) on an overdraft account. The amount outstanding and payable on this account in the books maintained by the assessee for the aforesaid activities was Rs. 35,912-11-6 in the Sambat year 2005 Ram Navami when the bank suspended operation in May, 1948, and applied for the scheme.When the assessee was pressed by the bank for payment of the amount due on the overdraft, in 1950 the assessee approached the board of directors of the aforesaid bank and obtained a concession to adjust such fixed and other deposits of the bank as the assessee could tender in settlement of the aforesaid outstanding at their face valu...
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