CHARMUGARIA TRADING CO LTD Vs. COMMISSIONER OF INCOME TAX
LAWS(CAL)-1976-4-24
HIGH COURT OF CALCUTTA
Decided on April 21,1976

CHARMUGARIA TRADING CO. LTD. Appellant
VERSUS
COMMISSIONER OF INCOME-TAX Respondents


Referred Judgements :-

LEWIS'S WILL TRUSTS : O'SULLIVAN V. ROBBINS [REFERRED TO]
INLAND REVENUE COMMISSIONERS V. LAURENCE PHILIPPS AND CO. (INSURANCE) LTD. [REFERRED TO]
NARAIN SWADESHI WEAVING MILLS VS. COMMR OF EXCESS PROFITS TAX [REFERRED TO]
BENGAL AND ASSAM INVESTORS LIMITED VS. COMMISSIONER OF INCOME TAX WEST BENGAL CALCUTTA [REFERRED TO]
COMMISSIONER OF INCOME TAX GUJARAT VS. DISTRIBUTORS BARODA PRIVATE LIMITED [REFERRED TO]
DISTRIBUTORS BARODA PRIVATE LIMITED VS. COMMISSIONER OF INCOME TAX [REFERRED TO]
GREAT PYRAMID INSURANCE CO LTD VS. COMMISSIONER OF INCOME TAX [REFERRED TO]



Cited Judgements :-

COMMISSIONER OF INCOME TAX VS. I B SEN AND SONS P LTD [LAWS(CAL)-1978-2-41] [REFERRED TO]


JUDGEMENT

Dipak Kumar Sen, J. - (1.)This reference is at the instance of the assessee, Charmugaria Trading Co. Ltd. The assessment year involved is 1963-64, the relevant previous year being the accounting year ended on 30th June, 1972. The facts found or admitted as appearing from the statement of the case ami the annexures thereto may be briefly noted as follows :
(2.)The assessee is a company in which admittedly the public are not substantially interested. For the assessment year in question the distributable surplus was Rs. 11,637 and the company declared a dividend of Rs. 7,200. It is the contention of the revenue that the assgssee ought to have distributed the statutory percentage of 90 per cent. of its distributable surplus inasmuch as it was an investment company within the meaning of Section 109(ii) of the Income-tax Act, 1961.
(3.)The Income-tax Officer proceeded on the basis that the assessee was an investment company and levied additional super-tax under Section 104(1) of the Income-tax Act, 1961, as in the earlier assessment year 1962-63, where it was held that the assessee was an investment company and this finding was confirmed in appeal.
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