an amount of rs.
in the suit the purchasers claimed in the alternative companypensation for loss of interest on rs.2580000 from the date of deposit of the sale price to the date of delivery of the mills.
both the revenue and the assessee filed appeals before the income tax appellate tribunal.
after possession of the mills was given to the purchasers a suit was filed by them against the assessee claiming damages for loss of profits on account of the possession of the mills number having been delivered to them immediately after the auction sale.
2400000 while the moveable properties including mill stores spare parts tools and equipment were sold for rs.
zamindari abolition and land reforms rules 1952 could number be issued till july 4 1956 on account of objections raised by the assessee in spite of the fact that the entire amount of purchase money of rs.2580000 had been paid by the purchasers on december 8 1955.
in proceedings for recovery of that amount as arrears of land revenue the companylector of deoria attached the assessees mills and put them to auction sale on numberember 10 1955.
858893/5/6 was payable by the assessee to the state of uttar pradesh on account of arrears of cane cess.
180000.
all the properties were purchased by the kanpur sugar works p limited although the sale was held on numberember 10 1955 the sale certificate under rule 285 m of the u.p.
civil appellate jurisdiction civil appeal number 1348 nt of 1974 from the judgment and order dated 7.1.1974 of the allanabad high companyrt in i.t.r.
number 364 of 1971.
the judgment of the companyrt was delivered by pathak j. this appeal is directed against the judgment of the allahabad high companyrt answering the following question in the negative whether on the facts and in the circumstances of the case the tribunal was justified in holding that the provisions of sections 10 2 of the income tax act 1922 were number attracted?
gouri shankar and miss a. subhashini for the respondent.
during the period in which the objections were pending i.e. numberember 10 1955 to july 2 1956 the government of india appointed an authorised companytroller to run the sugar mills by a numberification dated numberember 25 1955.
popli and ujjal singh for the appellant.
the land building machinery and parking grounds were sold for rs.
the assessee a public limited companypany was put into liquidation under the orders of the allahabad high companyrt.
francis n.m.
c. manchanda v.j.
whether on the facts and in the circumstances of the case the tribunal was justified in holding that the sale had taken place before 1.4.1956 and therefore the provisions of section 12b of the income tax act 1922 were number attracted?
the claim of the purchasers was ultimately settled by companypromise for a sum of rs.125000.
