COMMISSIONER OF INCOME-TAX, GUJARAT vs SANDESH LTD — 1993 PTD 425

Citation: 1993 PTD 425

Court: Gujarat High Court

Year: 1964

Decision Date: 1964-10-07

Parties: COMMISSIONER OF INCOME-TAX, GUJARAT vs SANDESH LTD

Headnotes

Case cited as 1993 PTD 425

Judgment Text

Court Name: Gujarat High Court Judge(s): P. N. Bhagwati, J. M. Shelat Title: COMMISSIONER OF INCOME-TAX, GUJARAT vs SANDESH LTD Case No.: Income-tax Reference No, 1 of 1964 Date of Judgment:1964-10-07 Reported As: 1993 PTD 425 Result: Questions answered in the negative JUDGMENT JUDGMENT J.M. SHELAT, C.J.---By a deed of lease dated March 10, 1945, the assessee-company took over a plot of land admeasuring 4,059 square yards on lease for a period of ninety-nine years at an annual rent of Rs,12,685 per year and built thereupon its press where it carried on its business as printers and publishers of a daily newspaper called "Sandesh". The deed of lease gave option to both the parties, the lessor to sell the said land at a price of Rs, 4,09,959 at the rate of Rs,101 per square yard, and the lessee to purchase it at the said price, both parties agreeing to exercise their respective option during a period of five years commencing from January 1, 1948, and ending on December 31, 1953, after giving six months' notice. The deed of lease is in Gujarati and, as translated, clause (4) thereof runs as follows: "If the land leased is acquired under the provisions of the Land Acquisition Act, or the leased land is notified for acquisition and such notification is subsequently cancelled and thereafter whatever may be the balance of the lease land, either party may, within five years after the 1st January, 1948, i,e, up to the 31st December, 1953, call upon the other party by six months'…

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