Kolkata Court May 1990 Judgments

Calcutta Iron and Engineering Co. Pvt. Ltd. Vs. Commissioner of Income ...

Court: Kolkata

Reported in: (1993)110CTR(Cal)40

SUHAS CHANDRA SEN, J. :The Tribunal has referred the following questions of law under s. 256(1) of the IT Act, 1961 to this Court :In R.A. No. 147 (Cal) of 1984 (filed by the Assessee) :'Whether, on the facts and in the circumstances of the case the Tribunal was correct in law in holding that the loss of Rs. 2,42,245 was a capital loss and as such could not be claimed as a business loss by the assessee ?'In R.A. No. 166 (Cal) of 1984 (filed by the Department) :'Whether, on the facts and in the circumstances of the case the Tribunal was justified in law in holding that the assessee was entitled to claim the loss in respect of burglary which took place during the period between 30th November, 1969 to 3rd May, 1970 during the relevant accounting year ?'2. In this proceeding the assessment year involved is 1977-78 for which the relevant accounting year is the year ended on 31st March, 1977.3. The facts found by the Tribunal have been stated in the Statement of case :'The dispute in this ap...