The Judgment of the Court was delivered by Grover, J. These appeals have been brought by certificate from a judgment of the Calcutta High Court in two Income tax References.
The assesses Guzdar Kajora Coal Mines Ltd. which was incorporated on July 4, 1945 purchased by a deed of companyvey ance dated April 3, 1966 executed by the liquidators of Guzdar Kajora Colliery Co. Ltd. all the companyliery lands, hereditaments and premises, mines, minerals, powers and privileges and all ,other hereditaments together with the machinery thereon belonging to the latter companypany.
36 of 1961.
It was stipulated in the deed of ,conveyance that the sale was to be effective from July 1, 1945.
had been written down.
The assessee appealed to the Income tax Appellate Tribunal, having failed in its companytentions before the Appellate Assistant Commissioner.
As regards the report of the expert A. N. Mitter dated September 1, 1945 he was unable to companytact him in spite of making an effort to do so.
The matter was remanded to the Income tax Officer to hold an inquiry after giving an opportunity to the assessee to place all the available material in support of its claim.
The Income tax Officer made a report on July 6, 1960.
CIVIL APPELLATE JURISDICTION C.A. Nos.
Furthermore the valuation of the depreciable assets and the companysumable stores had been written up whereas the valuation of the number depreciable assets like mines etc.
S. Desai, R. N. Sachthey and B. D. Sharma, for the res pondent.
According to his findings some of the Directors and Shareholders of the two companypanies were the same and they were companynected in many ways.
As regards the goodwill the companytention raised on behalf of the assessee was that the same was included in the item of one lakh mentioned in the sale deed.
With regard to the assessment year 1953 54 also the case was remanded with similar directions.
Appeal by certificate from the judgment and order dated June 22, 1965 of the Calcutta High Court in I.T. Reference No.
The report made by the second expert S. N. Mullick dated October 19, 1955 and January 30, 1957 together with the clarification made by him on November 20, 1959 were companysidered by him.
2132 and 2133 of 1970.
The following question was framed by the Tribunal and referred to the High Court Whether on the facts and in the circumstances of the case the Income tax Officer was companypetent to go beyond the companyveyance and fix a valuation of the assets on his own ?
Sukumar Mitra J. L. Hathi, T. A. Ramachandran, K. L. Hathi and P. C. Kapur, for the appellant.
