SHEKHAWATI GENERAL TRADERS LTD. vs INCOME-TAX OFFICER, COMPANY — 1971 PTD 307

Citation: 1971 PTD 307

Court: Rajasthan High Court

Year: 1970

Decision Date: 1970-12-31

Parties: SHEKHAWATI GENERAL TRADERS LTD. vs INCOME-TAX OFFICER, COMPANY JUDGMENT

Headnotes

Case cited as 1971 PTD 307

Judgment Text

Court Name: Rajasthan High Court Judge(s): D. M. Bhandari, G. M. Mehta Title:SHEKHAWATI GENERAL TRADERS LTD. vs INCOME-TAX OFFICER, COMPANY JUDGMENT Reported As: 1971 PTD 307 Result: accordingly dismissed Judgment JUDGMENT G. M. MEHTA, J.-These two writ petitions under Article 226 of the Constitution by Shekhawati General Traders Ltd. (hereinafter called the assessee) are a sequel to the notice in each case under section 148 of the Income-tax Act, 1961 (hereinafter called the Act), by the Income-tax Officer, Company Circle No. 1 Jaipur praying for quashing the notices and for restraining the Income-tax Officer from taking proceedings in pursuance thereof. The points involved in both the writ petitions are common. They are, therefore, being decided by this judgment. We would first state the facts of Writ Petition No. 105/67. The assessee is a company within the meaning of the Companies Act, 1956, having its registered office at Jaipur. For the assessment year 1962-63 relevant to the previous year ending 31st March 1962, the assessee filed its income-tax return before the Income-tax Officer, Company Circle No. 1, Jaipur, respon--dent, in accordance with the provisions of the Act. On or about March 29, 1949, the assessee acquired 12,000 ordinary shares of the Orient Paper Mills Ltd. Of Rs. 10 each and on this original holding received 12,000 bonus shares on or about April 28, 1951, i.e., long before January 1, 1954. The assessee again received 60,000 bonus shares on or about…

Read the full judgment on Al Wakeelo — Pakistan's AI-powered legal research platform.