Judgment Search Results Home > Cases Phrase: acquisition of certain area at ayodhya act 1993 chapter ii acquisition of the area in ayodhya Court: kolkata Year: 1989 Page 1 of about 1 results (0.113 seconds)

Commissioner of Income-tax Vs. Richardson and Cruddas Ltd.

Court : Kolkata

Reported in : [1993]202ITR350(Cal)

..... engineering equipment of national importance. it went into bad ways and, therefore, the government of india decided to acquire its undertaking by the richardson and cruddas limited (acquisition and transfer of undertaking) act, 1972, the relevant terms whereof are mentioned in paragraph 1 of the order of the tribunal. the custodian, on behalf of ..... not necessary to be incurred and the genuineness of the expenditure is not in doubt. obviously, the expenditure was essential for running the company and discharging certain statutory obligations. the assessee-company cannot be expected to have more than what is ultimately left after meeting the expenditure by the custodian. it is true ..... to pay arose by virtue of the statutory provisions. the question of paying income-tax does not arise as the receipt of the income was subject to certain statutory obligations.9. therefore, we are of the view that the question must be answered in favour of the assessee.10. accordingly, the question is answered .....