Court : Punjab and Haryana
Decided on : Jun-07-1954
Reported in : [1954]26ITR375(P& H)
ORDERCHOPRA, J. - The facts giving rise to this reference under Section 66 (1) of the Indian Income-tax Act, 1922, are these : the assessee company, M/s. Dalmia Dadri Cement Ltd., Dadri, before it was started entered into an agreement with the Ruler of the erstwhile Jind State, on 1st April, 1938. The document was duly executed and signed by one of its promoters on behalf of the company and by the then Chief Minister on behalf of the State Government. By clause (1) of the agreement, the State granted and conferred upon the company termed as licensee the sole and exclusive monopoly right of manufacturing cement in the Jind State, both for consumption in the State and for exporting outside, on the terms and conditions for a period of twenty-five years commencing from the date of agreement and gave an option to the licensee to renew it for successive periods of twenty-five years each up to an aggregate of 100 years counted from 21st July, 1936. Besides other benefits that the State or its...
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