MESSRS HELAL JUTE PRESS LTD. vs THE COMMISSIONER OF INCOME-TAX, — 1966 PLD 524

Citation: 1966 PLD 524

Court: Dacca

Year: 1970

Decision Date: 1970-12-31

Parties: MESSRS HELAL JUTE PRESS LTD. vs THE COMMISSIONER OF INCOME-TAX, JUDGMENT

Headnotes

Case cited as PLD 1966 SC 524

Judgment Text

Court Name: Dacca Judge(s): K. Hossain, B. A. Siddiqi Title:MESSRS HELAL JUTE PRESS LTD. vs THE COMMISSIONER OF INCOME-TAX, JUDGMENT Reported As: PLD 1971 Dacca 173 Result: N/A Judgment JUDGMENT K. HOSSAIN, J.--The petitioner Helal Jute Press Ltd. has challenged order dated 25-7-67 passed by the Commissioner, Income-tax in Revision Case No, 11 of 1966-67 and the order dated 1-8-66 in order No, 77/1152 Spl. passed by the Income-tax Officer Special Circle, Dacca rejecting the application of the petitioner under section 35 of the Income-tax Act. In this petition facts are not in dispute. The matter relates to the assessment year 1958-59. The petitioner-company had both Jute baling and jute trading businesses. The Income-tax Officer treated them as separate and distinct from each other. The petitioner closed its jute trading business in the next year. The Income-tax Officer determined net loss in Jute trading business at Rs, 2,49,538. In Jute baling business profits before deduction of depreciation allowance was determined at Rs, 1,95,449. After deduction of depreciation allowance amounting to Rs, 46,941 the net profit in Jute baling business were determined at Rs, 1,48,503 and setting off with net loss of Rs, 2,49,538 in the jute trading business, he carried forward a net loss of Rs, 1,01,030 in respect of jute trading business. The petitioner-company filed an appeal before the Appellate Assistant Commissioner, contending that jute trading and jute baling business should…

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