C. Setalvad, Attorney General for India, G. N. Joshi, with him for the respondent.
Appeal by special leave from the Judgment and Order dated March 18.
1949, of the High Court of Judicature at Bombay Chagla C. J. and Ten dolkar J. in Income tax Reference No.
The appellant assessee is a companypany known its the Raghuvanshi Mills Ltd., of Bombay.
40,00,000.
The reference was made to the Bombay High Court by the Bombay Bench of the Income tax Appellate Tribunal in the following circumstances.
K. Daphtary, Solicitor General for India, K. T. Desai and A.M. Mehta, with him for the appellant.
37,75,000 account of loss.of profits and standing charges, and Rs.
CIVIL APPELLATE JURISDICTION Civil Appeal No.
55 of 1950.
The Judgment of the Court ,Was delivered by Bose, J. This is an appeal from the High Court at Bombay in an Income tax Reference under section 66 1 of the Indian Income tax Act of 1922.
broke out and the mill were companypletely destroyed.
This kind of policy insures against loss of profit, standing charges and agency companymission.
The assessee had insured its buildings, plant and machinery with various insurance companypanies and also took out, besides those policies, four policies of a type known as a Consequential Loss Policy.
On the 18th of January, 1944, a fire.
The total insured against under, the latter heads was Rs.
1948, arising out of order dated September 27, 1947, of the Income tax Appellate Tribunal, Bombay Bench A, in I.T.A. No.
2205 of 1946 47.
November 3.
