COMMISSIONER OF INCOME-TAX vs R. SHANTILAL & Co. — 1976 PTD 426

Citation: 1976 PTD 426

Court: Calcutta High Court

Year: 1970

Decision Date: 1970-12-09

Parties: COMMISSIONER OF INCOME-TAX vs R. SHANTILAL & Co.

Headnotes

Case cited as 1976 PTD 426

Judgment Text

Court Name: Calcutta High Court Judge(s): K. L. Roy, Sankar Prasad Mitra Title: COMMISSIONER OF INCOME-TAX vs R. SHANTILAL & Co. Case No.: Income-tax Reference No, 36 of 1967 Date of Judgment:1970-12-09 Reported As: 1976 PTD 426 Result: Question aswered in the affirmative. JUDGMENT JUDGMENT ' K. L. ROY, J.-This is a reference under section 66 (1) of the Income-tax Act, 1922, at the instance of the Commissioner of Income-tax II, Calcutta. The assessment year concerned in this reference is 1956-57, the relevant previous year being 2011 Guzrati Dewali Sambat year corresponding to the period from 26th October 1954 to 17th June 1955. The assessee is Messrs R. Shantilal and Company which was assessed in the status of an unregistered firm for the relevant assessment year., and which sold and. Transferred its business as going concern to a private limited company styled as Messrs R. Shantilal & Company Private Ltd. Shortly before the close of the aforesaid accunting year, and the assessee-firm was dissolved on the last date of the accounting year, viz., the 17th June 1955. In its books of account for the current year which were maintained on the mercantile system of accounting the assessee made the following provisions for its liability under the Sales Tax Act {{TABLE}} (a) Estimated liability for the current year, 1. e., from the 26th Rs, October 1954, to 17th June 1955 ... (b) Liability for 2008 Sambat year for which demand notice was issued on 8th February 1955 ... (c)…

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