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Citation: 1972 PTD 164
Court: Kerala High Court
Year: 1968
Decision Date: 1968-10-16
Parties: COMMISSIONER OF INCOME-TAX, KERALA vs A. D. COTTON MILLS (PVT.) LTD.
Case cited as 1972 PTD 164
Court Name: Kerala High Court Judge(s): M. U. Isaac, P. Narayan Pillai Title: COMMISSIONER OF INCOME-TAX, KERALA vs A. D. COTTON MILLS (PVT.) LTD. Case No.: Income-tax Referred Case No. 96 of 1967 Date of Judgment:1968-10-16 Reported As: 1972 PTD 164 Result: N/A JUDGMENT JUDGMENT NARAYANA PILLAI, J.-----This is a reference by the Income-tax Appellate Tribunal, Madras Bench. The assessm ent year concerned is 1958-59 and the accounting period the 12 months ended on August 30, 1967. The questions referred are: "(i) Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that the title to the movable properties passed to the vendee only on August 30, 1957, and not either on January 1, 1957, or on June 1, 1957? (ii) Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that the profits under section 10(2)(vii) from the sale of the movable properties were not assessable in the assessm ent year 1958-59? " The assessee is a private limited company doing business in manufacture and sale of yarn and cloth. It was running a spinning and weaving mill at Quilon. On March 4, 1957, it entered into a contract with one Karimuthu Thyagaraja Chettiar, hereinafter referred to as Chettiar, for sale to him or his nominees for Rs. 23,01,111 its entire business as a going concern. Rs. 1,00,000 was paid in advance on the date of agreement itself. The balance amount was to carry interest…
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