represented the loss in respect of the buildings and machinery Rs.
V. Viswanatha Sastri, S. Murthy and B. P. Maheshwari, for the respondent.
Thereafter, the Appellate Tribunal referred the aforesaid question to the High Court for its decision and the said Court upheld the view of the Appellate Tribunal.
Appeal from the judgment and order dated January 16, 1962 of the Calcutta High Court in Income tax Reference No.
V. Gupte, Solicitor General, R. Ganapathy Iyer, R. H. Dhebar and R. N. Sachthey, for the appellant.
The Revenue on a certificate issued by the High Court has preferred the present appeal.
On appeal preferred by the Revenue against the said Order, the Income tax Appellate Tribunal agreed with that view.
The assets of the Company were companyered by several insurance policies, issued by the General Assurance Society Ltd. in respect of i general specification policies, ii specific stock policies, and companysequential loss policies, for an aggregate sum of Rs.
27,06,593.
The Judgment of the Court was delivered by Subba Rao, J. The Income tax Appellate Tribunal, Calcutta Bench, referred the following question under S. 66 1 of the Indian Income tax Act, 1922, hereinafter called the Act, for the decision of the High Court of Calcutta Whether on the facts and.
63 of 1957.
1,48,92,390.
Out of the said amount, the sum of Rs.
The Company received Rs.
The facts leading up to the said reference may briefly be stated.
in the circumstances of this case the sum of Rs.
CIVIL APPELLATE JURISDICTION Civil Appeal No.
The said amount was received by the Company only on March 27, 1950.
On August 6, 1948, a fire broke out in the factory premises of the assessee resulting in the destruction of the stock in trade, machinery and buildings.
65 lakhs from the insurance companypany in full settlement of its claim under the said policies.
Messrs. Moon Mills Ltd., the respondent herein, hereafter referred to as the Company, is a joint stock limited companypany and it owns a factory at Bombay.
For the assessment year 1949 50, the Company did number include the said amount in its return as it was received by it only on March 27, 1950.
839 of 1964.
4,24,205 in respect of the buildings and Rs.
The Income tax Officer, on the ground that the said amount became receivable by the Company on December 13, 1948, included the same in the taxable income of the assessee Company for the assessment year 1949 50.
