Kolkata Court September 1973 Judgments
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Braithwaite and Co. (India) Ltd. Vs. Commissioner of Income-tax
Court: Kolkata
Decided on: Sep-03-1973
Reported in: [1978]111ITR542(Cal)
A.N. Sen, J.1. The assessee is an engineering concern undertaking structural steel work, manufacture of railway wagons, etc. By an agreement dated April 13, 1961, described as a 'lease deed' between the assessee-company as 'lessee' and the Angus Company Ltd. as 'lessor', the assessee was permitted to take over the Angus Works for the purpose of running it as a heavy engineering workshop. The lease is for a period of 99 years. Under the terms of the agreement, the assessee was required to pay the lessor a sura of Rs. 4 lakhs per annum for 99 years. It is necessary to set out the said agreement in its entirety as the question involved in the present case turns on a true construction of the said document. The said document reads ;'THIS LEASE is made the Thirteenth day of April One thousand nine hundred and sixty-one BETWEEN THE ANGUS COMPANY LIMITED, a company with limited liability incorporated under the Indian Companies Act, 1913, whose registered office is situate at 3, Clive Row, Calc...