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Citation: 1971 PTD 795
Court: Madhya Pradesh High Court
Year: 1970
Decision Date: 1970-12-31
Parties: GWALIOR RAYON SILK MANUFACTURING (WEAVING) Co. LTD. vs INCOME-TAX JUDGMENT
Case cited as 1971 PTD 795
Court Name: Madhya Pradesh High Court Judge(s): G. P. Singh, P. V. Dixit Title:GWALIOR RAYON SILK MANUFACTURING (WEAVING) Co. LTD. vs INCOME-TAX JUDGMENT Reported As: 1971 PTD 795 Result: case is quashed Judgment JUDGMENT DIXIT, C. J.-----This order will also govern the disposal of Miscellaneous Petitions Nos. 279 to 282, all of 1966,. The facts and circumstances in which these five applications under Article 226 of the Constitution have been filed by the Gwalior Rayon Silk Manufacturing (Wvg.) Co. Ltd. (hereinafter referred to as the company) are that the petitioner-company is engaged m the business of manufacturing rayon silk cloth. After the decision of the Supreme Court in Union of India v. Gwalior Rayon Silk Mfg. (Wvg.) Co. Ltd. ((1964) 53 I T R 466 (SC)) reversing the decision of this Court in Gwalfor Rayon Silk Mfg. (Wvg.) Co. v. Union of India ((1961) 43 I T R 184) rejecting the petitioner's claim for exemption from tax for twelve years from June 1949, in respect of artificial silk rayon section and for twelve years from February 1954, in respect of staple fibre section of the company was rendered, provisional assessm ent of tax for the assessment years 1960-61 to 1964-65 was made and an amount of rupees six and a half crores was found payable by the company and was demanded from it. The company found itself unable to pay this large amount of tax in a lump sum, anti, therefore, entered into correspondence with the income-tax Department for grant of instalments for…
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