TRACO CABLE COMPANY LTD. vs COMMISSIONER OF INCOME-TAX, — 1972 PTD 296

Citation: 1972 PTD 296

Court: Kerala High Court

Year: 1971

Decision Date: 1971-12-31

Parties: TRACO CABLE COMPANY LTD. vs COMMISSIONER OF INCOME-TAX, JUDGMENT

Headnotes

Case cited as 1972 PTD 296

Judgment Text

Court Name: Kerala High Court Judge(s): M. U. Isaac, P. Narayan Pillai Title:TRACO CABLE COMPANY LTD. vs COMMISSIONER OF INCOME-TAX, JUDGMENT Reported As: 1972 PTD 296 Result: reference made Judgment JUDGMENT ISSAC, J.-----This is a reference made by the Madras Bench of the Income-tax. Appellate Tribunal under section 256(1) of the Income-tax Act, 1961, on the application of tire assessee. The questions referred are: "(1) Whether, on the facts and in the circumstances of the case, the interest income and the share transfers were rightly assessed under other sources ? (2) Whether, on the facts and in the circumstances of the case, the assessee was entitled to the deduction of the expenses amounting to Rs. 34,139 ?" This reference relates to the assessment year 1962-63 for which the previous year is the financial year 1961-62. The assessee is a public limited company which was incorporated on February 5, 1960. The objects of the company were, inter alia, manufacture and sale of all types of electric wires, cables, etc. The company obtained the certificate of commencement of business on July 30, 1961. It had a collaboration arrangement with a Cana--dian company, called Wireco Engineering Ltd. On September 24, 1962, there was a meeting of the meeting of the shareholders of the assessee-company in which the directors submitted their report for the year ended March 31, 1962. It was stated in that report, among other things, that the Kerala Government have issued orders for the…

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