REGENT COMPUTRONICS PVT. LTD.

COMMISSIONER OF INCOME-TAX Appellant

V/S

ASIATIC OXYGEN AND ACETYLENE CO. LTD. Respondents

Referred Judgements :-

OUNSWORTH V. VICTORS LTD. [REFERRED TO]
MOHAN MEAKIN BREWERIES LTD. V. CIT (NO. 2) [REFERRED TO]
ANGLO-PERSIAN OIL CO. V. DALE [REFERRED TO]
HENRIKSEN V. GRAFTON HOTEL LTD. [REFERRED TO]
COLLINS V. JOSEPH ADAMSON AND CO. [REFERRED TO]
SUN NEWSPAPERS LTD. AND ASSOCIATED NEWSPAPERS LTD. V. FEDERAL COMMISSIONER OF TAXATION [REFERRED TO]
ASSOCIATED PORTLAND CEMENT MANUFACTURERS LTD. V. KERR [REFERRED TO]
CIT V. BALLARPUR INDUSTRIES LTD. [REFERRED TO]
SOUTHERN (H.M. INSPECTOR OF TAXES) V. BORAX CONSOLIDATED LTD. [REFERRED TO]
INDIA CEMENTS LTD. V. CIT [REFERRED TO]
BOMBAY STEAM NAVIGATION CO. (1953) P. LTD. V. CIT [REFERRED TO]
CIT V. COMMONWEALTH TRUST LTD. [REFERRED TO]
LAKSHMIJI SUGAR MILLS CO. P. LTD. V. CIT [REFERRED TO]
HINDUSTAN GAS AND INDUSTRIES LTD. V. CIT [REFERRED TO]
COMMISSIONER OF INCOME TAX BOMBAY VS. FINLAY MILLS LIMITED [REFERRED TO]
COMMISSIONER OF INCOME TAX WEST BENGAL II CALCUTTA VS. COAL SHIPMENT PRIVATE LIMITED [REFERRED TO]
ASSAM BENGAL CEMENT CO LTD VS. COMMISSIONER OF INCOME TAX WEST BENGAL CALCUTTA [REFERRED TO]
COMMISSIONER OF INCOME TAX VS. T V SUNDARAM IYENGAR AND SONS P LIMITED [REFERRED TO]

JUDGEMENT

(1.) The question as referred to this court in the present reference is as follows :

(2.) The assessment relates to the year 1961-62 for which the relevant previous year ended on March 31, 1961.

(3.) The assessee-company was a manufacturer of oxygen and acetylene gas. It claimed an expenditure of Rs. 21,137 representing the fees paid by it to M/s. Talbot & Co., Calcutta, in respect of their professional services of making a valuation report of the fixed assets of the company. The ITO disallowed the claim holding the claim to be of capital nature. In appeal before the AAC, it was argued on behalf of the assessee that as a result of revaluation of the assets of the assessee-company for which the payment was made, no asset or advantage of an enduring benefit had come into existence and the only purpose of the revaluation was to improve the credit-worthiness of the company so that it could obtain loans for the purpose of its business without difficulty or inconvenience. The AAC did not accept the argument of the assessee. But at the same time he made a reference to the report of the directors dated May 1, 1961, to the shareholders of the assessee-company. Therein, it was stated :

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COMMISSIONER OF INCOME TAX Vs. ASIATIC OXYGEN AND ACETYLENE CO LTD

Referred Judgements :-

JUDGEMENT

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