Himachal Pradesh Court April 1973 Judgments

Commissioner of Income-tax Vs. Mohan MeakIn Breweries Ltd.

Court: Himachal Pradesh

Reported in: [1974]95ITR586(HP)

D.B. Lal, J.1. The Commissioner of Income-tax required the Income-tax Appellate Tribunal, Chandigarh, to refer to this High Court a question of law which they have formulated in the following terms :'Whether, on the facts and in, the circumstances of the case, the Tribunal was correct in its construction of the expression 'paid-up capital' occurring in the Super Profits Tax Act, 1963, so as to include therein even such reserves as had been capitalized, and consequently in reducing the chargeable profits by Rs. 1,13,447 ?'2. The material facts which have a bearing on the question of law may usefully be stated. The assessee, Messrs. Mohan Meakin Breweries Ltd., Solan, is a public limited company and it is following the financial year of which the assessment year was 1963-64 with the corresponding accounting year ending on 31st March, 1963. The assessee-company was called upon to file the super profits tax return and the assessment order made by the Super Profits Tax Officer indicated tha...