Judgment Search Results Home > Cases Phrase: konkan passenger ships acquisition act 1973 section 14 penalties Court: allahabad Year: 1980 Page 1 of about 1 results (0.075 seconds)

Commissioner of Income-tax Vs. J.K. Cotton Spinning and Weaving Mills ...

Court : Allahabad

Reported in : (1980)16CTR(All)131; [1980]123ITR911(All); [1980]4TAXMAN1(All)

Rastogi, J. 1. This is a reference under Section 256(1) of the I.T. Act, 1961 (hereafter 'the Act'), made at the instance of the Commissioner of Income-tax. The assessment years are 1967-68 and 1968-69 and the question referred for opinion is :' Whether, on the facts and in the circumstances of the case, the Tribunal was correct in allowing deduction of penalty of Rs. 50,651 in assessment year 1967-68 and Rs. 67,801 in assessment year 1968-69 '2. The assessee is a public limited company engaged in the manufacture of cloth. It follows the calendar year as its year of account. During the years under consideration, the assessee was recognised as a registered user of trade mark No. 100387 (Sanforized) of M/s. Cluett Peabody & Company by the Government of India, vide Trade Mark Registry letter No. P.R. (RU-Sanforized)/2400 dated 26th November, 1962. One of the conditions laid down for the use of the aforesaid trade mark was the export of a certain percentage of sanforized fabrics manufactur...