Kolkata Court July 1969 Judgments
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Corinthian Securities Ltd. Vs. Cato and Another.
Court: Kolkata
Decided on: Jul-16-1969
Reported in: [1970]75ITR584(Cal)
LORD DENNING M. R., - In February, 1966, the plaintiffs, a company called Corinthian Securities Ltd. (which had only been incorporated a month or two) lent money, pounds 2,800, to the defendant Mr. Cato, to help him finance a shipment of plant and machinery to the West Indias. As security he gave them a mortgage on his house, 38, Garrick Avenue, Golders Green, London, N. W. 11. They stipulated for interest at 1 per cent per month (that is, 12 per cent. a year), together with a commitment fee of 2 per cent., that is pounds 56 payable in advance. The terms of repayment were that :'This facility will be repayable on demand but provided the account is conducted satisfactorily no demand will be made and it is understood that full payment will be effected by two equal instalments of pounds 1,400 each. The first instalment to be made six months from the date of the first advance and continuation of the facility to be subject to the first reduction being made on the due date'.As part of the ar...
Asiatic Society's Employees Union Vs. Asiatic Society and Ors.
Court: Kolkata
Decided on: Jul-15-1969
Reported in: AIR1970Cal170,[1970(20)FLR54]
D. Basu, J. 1. The appellant before us is the Union of the Employees of Respondent No. 1, the Asiatic Society, a society registered under Act XXI of 1860 (hereinafter referred to as 'the Society'). There was a dispute between the Society and its employees, which was referred by the State of West Bengal for adjudication to the First Industrial Tribunal (Respondent 3), by the order of 23-12-63, which is at p. 9 of the Paper-book. When the reference came up before the Tribunal, the Society raised the preliminary objection to the jurisdiction of the Tribunal on the ground that the reference was ultra vires since the Society did not carry on any 'industry' and its employees were not 'workmen' within the meaning of those terms as defined by the Industrial Disputes Act, 1947. 2. The Tribunal rejected the said objection by its order of 28-6-64 (p. 11 of the Paper-book), holding that the Society was not an educational institution, but an 'undertaking', coming within the definition of 'industry'...
Commissioner of Wealth-tax (Central) Vs. Smt. Radha Debi M. Nopany
Court: Kolkata
Decided on: Jul-15-1969
Reported in: [1970]77ITR704(Cal)
P.B. Mukharji, J.1. This statement of the case under the Wealth-tax Act at the instance of the Commissioner raises the following two questions for an answer by this court:'(i) Whether, on the facts and in the circumstances of the case, in determining the break-up value of the shares held by the assessee in Messrs. Hind Mills Ltd., the Income-tax Tribunal was justified in holding that the valuation of the depreciable assets of the company concerned should be based on their income-tax written down value in place of their balance-sheet value ? (ii) Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that, in computing the break-up value of the shares of Messrs. Sri Hanuman Sugar Mills Ltd., the amount of Rs. 1,75,000, being proposed dividend, should be deducted ?' 2. We shall not tarry for a discussion of the second question which appears to us to be covered by the decision of a Division Bench of this court in Gift-tax Officer, Calcutta v. Kastur ...
Coal Products Private Ltd. and anr. Vs. Income-tax Officer, m Ward and ...
Court: Kolkata
Decided on: Jul-14-1969
Reported in: [1972]85ITR347(Cal)
T.K. Basu, J.1. The petitioner, Coal Products Private Ltd., challenges in this application a notice dated the 22nd February, 1967, issued by the Income-tax Officer, 'M' Ward, Companies District II, Calcutta, to the Secretary, Coal Board, Government of India,2. The material portion of the impugned notice, which is one under Section 226(3) of the Income-tax Act, 1961 (hereinafter referred to as 'the Act'), is in the following terms :'A sum of Rs. 12,94,782.43 is due from M/s. Coal Products Pvt. Ltd. Nutandanga, Burdwan, Calcutta, Add. 1195 C.R. Avenue, Calcutta, on account of income-tax/super-tax/penalty/interest/fine. You are hereby required under Section 226(3) of the Income-tax Act, 1961, to pay forthwith any amount due from you to or held by you for, or on account of the said M/s. Coal Products Pvt. Ltd., upto the amount of arrears shown above, and also request you to pay any money which subsequently became due from you to him/them or which you may subsequently hold for or on account...
Indian Sugar Mills Association Vs. Commissioner of Income-tax
Court: Kolkata
Decided on: Jul-11-1969
Reported in: [1970]77ITR90(Cal)
Sankar Prasad Mitra, J.1. The assessment years in this reference under Section 66( 1) of the Indian Income-tax Act, 1922, are the years 1958-59, 1959-60, 1960-61 and 1961-62, The previous years are the calendar years 1957, 1958, 1959 and 1960, respectively.2. For all these assessment years the applicant named the Indian Sugar Mills Association, Calcutta, claimed before the Income-tax Officer that the income arising from the sugar export division should not be subjected to tax. The Income-tax Officer did not accept this contention.3. Before the Appellate Assistant Commissioner the assessee submitted that the business which the association carried on in the relevant assessment years was in the nature of property held under trust or other legal obligation to apply the income for general public utility within the meaning of Section 4(3)(i) of the Indian Income-tax Act, 1922, and, as such, the association's income was exempt. Section 4(3)(i) of the Act of 1922 lays down, inter alia, that 'i...
Economic Investment Corporation Ltd. Vs. the Commissioner of Income Ta ...
Court: Kolkata
Decided on: Jul-10-1969
Reported in: AIR1970Cal389,[1970]75ITR233(Cal)
D. Basu, J.1. The question involved in this appeal is a short one of law on which much fight is not available from reported decisions. The Meghlibundh Tea Company was liable for income-tax for a certain period. It first sold its tea garden assets to a third party and thereafter on 23-9-47, it changed its name to the Economic Investment Corporation Limited under Section 11 (5) of the Indian Companies Act, 1913. Though the Economic Investment Corporation, that is to say, the appellant before us, duly intimated the Income-tax Officer of the aforesaidchange in the name of the company, the Income-tax Officer (Respondent No. 3) made his assessment for the relevant period (1946-47) on the Meghlibundh Tea Company. Thereafter a Certificate proceeding under the Public Demands Recovery Act was started on the allegation that a sum of Rs. 25,000 and odd was due on account of Income-tax from the Meghlibundh Tea Company. At a later stage or the Certificate Proceedings, the Income-tax Officer requeste...
Commissioner of Wealth-tax Vs. Banarashi Prasad Kedia
Court: Kolkata
Decided on: Jul-08-1969
Reported in: [1970]77ITR159(Cal)
Sabyasachi Mukharji, J. 1. For the assessment year 1957-58, for which the relevant valuation date was 31st March, 1957, M/s. Banarashi Prasad Kedia filed a return of net wealth in the status of a Hindu undivided family. From the gross value of the assets shown, the assessee claimed a sum of Rs. 3,81,098 on account of income-tax liability as a deduction before arriving at the net wealth. The Income-tax Officer disallowed the entire amount on the ground that this was not admissible under the Act.2. The assessee preferred an appeal from the decision of the Wealth-tax Officer to the Appellate Assistant Commissioner. It was contended before the Appellate Assistant Commissioner that the Wealth-tax Officer should have allowed deduction of income-tax liabilities before arriving at the net wealth of the assessee. The amount mentioned in the grounds of appeal before the Appellate Assistant Commissioner on account of income-tax liability was only Rs. 3,81,098 but in a statement filed at the time ...
Sri Rajendra Mills Ltd. Vs. H.V.M. Hazi Hasan Dada and anr.
Court: Kolkata
Decided on: Jul-07-1969
Reported in: AIR1970Cal342,74CWN226
P.N. Mookerjee, A.C.J.1. This Rule was obtained against an order of the lower appellate Court, holding that the institution or the instant suit at the Howrah Court was proper and the learned trial Judge was in error in directing return of the plaint for its presentation to the Court at Salem.2. The suit is one wherein the plaintiff-Opposite Party No. 1 claims damages for loss of certain goods against the two defendants--defendant No. 1, the party who supplied the goods and defendant No. 2, the Union of India, representing the two Railways over which the goods in question were carried -- there being ultimately misdelivery in the instant case. There is a contract between the plaintiff and defendant No. 1, under which the parties agreed that all suits, arising on or out of the contract, would be instituted in the Court at Salem. It is true that the instant suit could have been instituted either at Salem of at Howrah under Section 20(c) of the Code of CivilProcedure, as the cause of action...
Daulatram Rawatmull Vs. Commissioner of Income-tax (Central)
Court: Kolkata
Decided on: Jul-01-1969
Reported in: [1970]78ITR503(Cal)
Sankar Prasad Mitra, J.1. This reference under Section 66(1) of the Indian Income-tax Act, 1922, arises out of the assessment proceedings for the assessment year 1956-57. The relevant previous year is the Deshera year commencing on October 7, 1954, and ending on October 25, 1955. The assessee is a registered firm. Its head office is in Calcutta. It has branch in Bombay which was carrying on the business of exporting groundnut oil. The assessee had regular transactions with Messrs. N. Schrok, N. V. Rotterdam. During the relevant year the assessee fulfilled severa contracts with the Rotterdam party by making deliveries of the goods contracted for. On November 4, 1953, the assessee entered into a contract with the party at Rotterdam for delivery of 200 tons (of 2,240 lbs. each) of Indian crude groundnut oil for January and/or February, 1954, shipmentat 125 per ton. But the assessee could not secure the export licence for shipping the goods. On the date of the contract the Government of In...
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