https://www.taxtmi.com/caselaws?id=287055 Under the Excess Profits Tax Act, the Calcutta HC held that Section 14(2) did not permit recovery of a vendor's assessed excess profits tax from the purchaser for an earlier accounting period. The sale agreement was construed as covering only tax and liabilities arising from the later period beginning 1 May 1945, so it did not extend to the earlier assessment ending 30 April 1945. The Court further noted that any private contractual undertaking could not, by itself, fasten statutory tax liability on the purchaser for a period not covered by the agreement. en-us Fri, 05 May 1950 00:00:00 +0530 Thu, 26 Mar 2020 16:33:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=287055 Under the Excess Profits Tax Act, the Calcutta HC held that Section 14(2) did not permit recovery of a vendor's assessed excess profits tax from the purchaser for an earlier accounting period. The sale agreement was construed as covering only tax and liabilities arising from the later period beginning 1 May 1945, so it did not extend to the earlier assessment ending 30 April 1945. The Court further noted that any private contractual undertaking could not, by itself, fasten statutory tax liability on the purchaser for a period not covered by the agreement. Case-Laws Income Tax Fri, 05 May 1950 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=287055