GANGA PROPERTIES
Vs. INCOME TAX OFFICER
LAWS(CAL)-1979-2-25
HIGH COURT OF CALCUTTA
Decided on
February 26,1979
GANGA PROPERTIES
Appellant
VERSUS
INCOME-TAX OFFICER
Respondents
Referred Judgements :-
M K VENKATACHALAM I T O AND ANO THER VS. BOMBAY DYEING AND MFG COMPANY LIMITED [REFERRED TO]MAHARANA MILLS PRIVATE LIMITED VS. INCOME TAX OFFICER PORBANDER [REFERRED TO]
MAHENDRA MILLS LIMITED VS. P B DESAI APPELLATE ASSISTANT COMMISSIONER OF INCOME TAX [REFERRED TO]
STATE OF GUJARAT VS. CHELABHAI BHANABHAI PRAJAPATI [REFERRED TO]
JAGATJIT DISTILLING AND ALLIED INDUSTRIES LTD VS. STATE [REFERRED TO]
COMMISSIONER OF INCOME-TAX, BOMBAY PRESIDENCY AND ADEN VS. MESSRS KHIEMCHAND-RAMDAS [REFERRED TO]
Cited Judgements :-
COMMISSIONER OF INCOME TAX VS. VALLABHDAS VITHALDAS SAVITABEN VALLABHDAS [LAWS(GJH)-2001-11-11] [RELIED ON]COMMISSIONER OF INCOME TAX VS. SUMANKUMAR I PAREKH [LAWS(GJH)-2002-7-57] [REFERRED]
COMMISSIONER OF WEALTH TAX VS. RAJ NARAIN PRATAP NARAIN HUF [LAWS(ALL)-1989-1-85] [REFERRED TO]
OIL AND NATURAL GAS COMMISSION VS. COMMISSIONER OF SALES TAX U P LUCKNOW [LAWS(ALL)-1991-12-47] [REFERRED TO]
A K CORPORATION VS. STATE OF UTTAR PRADESH [LAWS(ALL)-1993-11-20] [REFERRED TO]
COMMISSIONER OF INCOME TAX VS. VINCAST ENGINEERING [LAWS(ALL)-2004-8-1] [REFERRED TO]
COMMISSIONER OF WEALTH TAX VS. ANOKHA SINGH [LAWS(DLH)-2000-7-37] [REFERRED TO]
COMMISSIONER OF INCOME TAX VS. ARUNABEN SUMANKUMAR [LAWS(GJH)-2002-7-44] [REFERRED TO (CAL) : TC 57R.176 COUNSEL APPEARED <ADV>TANVISH BHATT</ADV> JUDGMENT]
COMMISSIONER OF INCOME TAX VS. SHRIRAM DEVELOPMENT CO [LAWS(MPH)-1986-1-34] [REFERRED TO]
COMMISSIONER OF WEALTH TAX VS. RAMNARAYAN BHOJNAGARWALA [LAWS(CAL)-1991-2-35] [REFERRED TO]
Commissioner of Wealth tax VS. P P Ghosh Decd [LAWS(CAL)-2000-4-31] [REFERRED TO]
COMMISSIONER OF INCOME TAX VS. UNNEERIKUTTY M A [LAWS(KER)-1991-6-34] [REFERRED TO]
KALLANGODAN SPICES VS. ADDITIONAL SALES TAX OFFICER [LAWS(KER)-1993-11-35] [REFERRED TO]
COMMISSIONER OF INCOME TAX VS. KASHIRAM AGRAWALLA [LAWS(PAT)-1983-3-29] [REFERRED TO]
UNITED TRACTORS VS. STATE OF UTTAR PRADESH [LAWS(ALL)-1996-7-111] [REFERRED TO]
COMMISSIONER OF WEALTH TAX VS. PHOOLWATI AGARWAL [LAWS(ALL)-2004-10-11] [REFERRED TO]
BAIJNATH BISWANATH VS. STATE OF ASSAM [LAWS(GAU)-1998-6-14] [REFERRED TO]
COMMISSIONER OF INCOME-TAX VS. S.M. OIL EXTRACTION PVT. LTD [LAWS(CAL)-1990-10-7] [REFERRED TO]
PRABHU DAYAL JAGANNATH VS. COMMISSIONER, SALES TAX [LAWS(ALL)-2009-11-272] [REFERRED TO]
COMMISSIONER OF INCOME TAX VS. VALLABHDAS VITHALDAS [LAWS(GJH)-2015-3-262] [REFERRED TO]
COMMISSIONER OF INCOME TAX VS. JASWANTLAL CHANDULAL [LAWS(GJH)-2015-11-95] [REFERRED]
PT LASHKARIRAM VS. INCOME-TAX OFFICER [LAWS(ALL)-1983-8-63] [REFERRED]
V JAYARAMAN VS. WEALTH-TAX OFFICER [LAWS(MAD)-1983-12-42] [REFERRED]
AGARWAL FINANCE CO VS. INCOME-TAX OFFICER [LAWS(MAD)-1989-8-38] [REFERRED]
JUDGEMENT
Deb, J. -
(1.)This rule under Article 226 of the Constitution is directed against the notice dated November 23, 1974, issued by the respondent No. 4, the Commissioner of Income-tax, under Section 263 of the I.T. Act, 1961, for the assessment year 1971-72.
(2.)The petitioner No. 1 is an existing company within the meaning of the Companies Act, 1956. Before the 1st January, 1954, petitioner No. 1 became the owner of the lands situated at 62/5, Ballygunge Circular Road, Calcutta.
(3.)During the previous year relevant to the assessment year, petitioner No. 1 sold a major portion of the aforesaid lands to different persons for a total sum of Rs. 7,51,512 and in its return of income declared the aforesaid amount as the full value of the consideration received by it for the purposes of computation of the capital gains.
(2.)The petitioner No. 1 is an existing company within the meaning of the Companies Act, 1956. Before the 1st January, 1954, petitioner No. 1 became the owner of the lands situated at 62/5, Ballygunge Circular Road, Calcutta.
(3.)During the previous year relevant to the assessment year, petitioner No. 1 sold a major portion of the aforesaid lands to different persons for a total sum of Rs. 7,51,512 and in its return of income declared the aforesaid amount as the full value of the consideration received by it for the purposes of computation of the capital gains.
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