JOGTA COAL COMPANY LIMITED Vs. COMMISSIONER OF INCOME TAX WEST BENGAL

JUDGEMENT

(1.) THE following Judgment of the court was delivered by

(2.) THESE five appeals pursuant to special leave are directed against the order of the Income-tax Appellate tribunal by which five appeals before, two in regard to Income-tax assessment for 1947-48 and 1948-49 and the other three against Business Profits tax assessment for the three chargeable accounting periods covered by the same amounting periods, were disposed of By this income-tax Officer and by the Appellate Assistant Commissioner the matter was decided in the Income-tax assessment appeal relating to the year of assessment 1947-48. The question in all these appeals is common and it relates to depreciation under S. 1012) (vi) of the Income-tax Act (hereinafter termed the Act). The appellant before us is the? Jogta Coal Company and the respondent, the Commissioner of Income-tax, West Bengal. Appellant company was incorporated 1945.

(3.) IT was contended that it is a question of law as to whether the tribunal has jurisdiction to go into the question and reduce the price which the appellant is proved to have paid and say that the price paid was not only for the asset purchased but also for something else. In other words is it within the jurisdiction of the tribunal to conjecture as to what should be the cost of the asset to the assessee.