COMMISSIONER OF INCOME TAX Vs. PROVINCIAL FARMERS PVT LTD
LAWS(CAL)-1976-2-1
HIGH COURT OF CALCUTTA
Decided on February 14,1976

COMMISSIONER OF INCOME-TAX Appellant
VERSUS
PROVINCIAL FARMERS (PVT.) LTD. Respondents


Referred Judgements :-

FAIYAZ HUSSAIN KHAN V. PRAGNARAIN [REFERRED TO]
KESHAV MILLS LIMITED VS. COMMR OF INCOME TAX BOMBAY [REFERRED TO]
DURGA PERIOD VS. DEEP CHAND [REFERRED TO]
NAGUBAI AMMAL VS. B SNAMA RAO [REFERRED TO]
GOURI DUTT MAHARAJ VS. SUKUR MOHAMMED [REFERRED TO]



Cited Judgements :-

COMMISSIONER OF INCOME TAX VS. ROBERTS MCLEAN AND CO LTD [LAWS(CAL)-1976-5-22] [REFERRED TO]
COMMISSIONER OF INCOME TAX VS. ARVIND KUMAR JAIN [LAWS(DLH)-2011-9-491] [REFERRED TO]
CMI FPE LIMITED VS. UNION OF INDIA [LAWS(BOM)-2019-3-215] [REFERRED TO]


JUDGEMENT

Deb, J. - (1.)The following questions are involved in this reference under Section 256(1) of Income-tax Act, 1961 :
"(1) Whether, on the facts and circumstances of the case, there was any sale or transfer of capital asset by the assessee attracting the provisions of Section 12B of the Indian Income-tax Act, 1922 ? (2) If the answer to question No. (1) is in the affirmative, whether, on the facts and circumstances of the case and having regard to the fact that the assessee returned the sum of Rs. 50,785 to the vendor-company, any capital gains accrued to the assessee ?"

(2.)The assessment year is 1963-64. The previous year ended on June 30, 1962. The assessee is a private limited company. It derives income from property and "other sources ".
(3.)Messrs. Sur Estates (P.) Ltd., hereinafter stated as the "company", was the owner of the house property involved in this reference. The company agreed to sell this property for Rs. 1,30,000 to one Mr. Gostho Behari Sircar. On February 2, 1946, Mr. Sircar filed a suit, being Suit No. 266 of 1946, on the original side of this court against the company for specific performance of the said agreement due to the failure of the company to convey this property to him. The said suit was dismissed on November 21, 1957.
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