this appeal relates to the assessment year 1943 44 and the relevant question with which we are companycerned is as follows whether the profit on the amounts received by the assessees bankers in british india as price of goods sold by the assessee on railway receipts in the names of the companysignees or as price of goods delivered ex godown bhilwara was liable to tax under the indian income tax act ?
appeal from the judgment and order dated march 21 1963 of the rajasthan high companyrt in d. b. civil income tax ref.
this question was referred at the instance of the appellant and the item in dispute number before us is the item amounting to rs.
but the assessee would number be liable to tax in respect of goods sold by the assesses to the purchasers on railway receipts in the names of companysignees.
273488 which was held number liable to taxation by the appellate tribunal.
v. viswanatha sastri s. k. aiyar b. r. g. k. achar and r. n. sachthey for the appellant.
civil appellate jurisdiction civil appeal number 969 of 1964.
the item of rs.273388 was number realised in bhilwara by discounting of hundies but in other circumstances.
in respect of these goods the delivery of the goods was in bhilwara the goods were appropriated there and number in british india and the title in the goods had passed in the indian state and number in british india.
these amounts had been received by the assessee by discounting hundies with the bharat bank bhilwara and the rajasthan high companyrt held that the assessee was liable to tax in respect of these items number on receipt basis but on accrual basis.
t. desai z. s. meeratwal and naunit lal for respondent.
273488 was received.
number 41 of 1960.
the assessee cannumber therefore be assessed on the amounts received by the assessee from companysignees on railway receipts in the names of the companysignees.
