ORISSA CEMENT LTD. vs COMMISSIONER OF INCOME-TAX, DELHI — 1971 PTD 609

Citation: 1971 PTD 609

Court: Delhi High Court

Year: 1968

Decision Date: 1968-10-11

Parties: ORISSA CEMENT LTD. vs COMMISSIONER OF INCOME-TAX, DELHI

Headnotes

Case cited as 1971 PTD 609

Judgment Text

Court Name: Delhi High Court Judge(s): T. V. R. Tatachari, S. K. Kapur Title: ORISSA CEMENT LTD. vs COMMISSIONER OF INCOME-TAX, DELHI Case No.: Civil Reference No. 6 of 1966 Date of Judgment:1968-10-11 Reported As: 1971 PTD 609 Result: answered in the affirmative JUDGMENT JUDGMENT KAPUR, J.-----By a consolidated statement of case made at the instance of both the assessee and the Commissioner of Income-tax, the Income-tax Appellate Tribunal (Delhi Bench "A") has referred the following five questions to the Court:-- "(i) Whether, on the facts and circumstances of the case, wealth tax of Rs. 85,835.40 (as finally determined under the Wealth Tax Act) paid for 1957-58, wealth tax assessment under the Wealth Tax Act, 1957, is allowable against profits and gains of the company's business under section 10(1) or section 10(2)(xv) of the Indian Income-tax Act, 1922? (ii) Whether, on the facts and circumstances of the case, the sum of Rs. 1,00,000 being contribution to the Congress party is an allowable deduction under section 10(1) or section 10(2)(xv) of the Income-tax Act, 1922: (iii) Whether the levy of excess dividend tax by withdrawal of corporation tax rebate can be made and collected under the Income-tax Act, 1922? (iv) Whether, on the facts and circumstances of the case, that legal charges of Rs. 1,10,138 incurred for obtaining loan from the Industrial Finance Corporation are allowable in the computation of profits and gains of the business of the assessee? (v) Whether, on…

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