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Kesoram Industries and Cotton Mills Ltd. Vs. Commissioner of Wealth Tax, (Central) Calcutta - Court Judgment

LegalCrystal Citation
SubjectDirect Taxation
CourtSupreme Court of India
Decided On
Judge
Reported inAIR1966SC1370; [1966]59ITR767(SC); [1966]2SCR688
ActsWealth Tax Act, 1957 - Sections 2, 3, 7, 7(1), 7(2) and 27; Companies Act, 1956 - Sections 211; Income Tax Act, 1922 - Sections 2 and 55
AppellantKesoram Industries and Cotton Mills Ltd.
RespondentCommissioner of Wealth Tax, (Central) Calcutta
Excerpt:
.....assistant commissioner - appeal before income-tax appellate tribunal - claims of assessee disallowed - three questions referred to high court - whether wealth tax officer justified in taking value of assets as shown in balance sheet, whether in computing net wealth of assessee amount of proposed dividend deductible from total assets and whether income-tax and super-tax was debt owed and deductible in computing net-wealth - high court answered all questions against assessee - appeal before supreme court - first question answered in affirmative as no reasonable ground for not accepting figure - second question answered in negative as no debt owed by assessee on valuation date - third question answered in negative as profit of previous year not relevant in ascertaining tax of.....order92. in accordance with the opinion of the majority, civil appeal no. 539 of 1964 is partly allowed and parties will bear their own costs here and in the high court. civil appeal no. 66 of 1965 is allowed with costs. 93. civil appeal no. 67 of 1965 is unanimously dismissed with costs.
Judgment:
ORDER

92. In accordance with the opinion of the majority, Civil Appeal No. 539 of 1964 is partly allowed and parties will bear their own costs here and in the High Court. Civil Appeal No. 66 of 1965 is allowed with costs.

93. Civil Appeal No. 67 of 1965 is unanimously dismissed with costs.


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