1953 (8) TMI 13

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....er relates to the assessment years 1947-48 and 1948-49, i.e., to the accounting years 1946-47 and 1947-48. The ground on which the liquidator rejected the claim was that the books of the company only showed a small profit of about Rs. 6,000 for the assessment year 1947-48 and a loss in the following year, and that the Income-tax assessments have not been properly contested. He relied on the decision in Income-tax Officer, Lucknow v. Lucknow Sugar Works Ltd., a decision by Srivastava J. and the decision of the Full Bench of Habries C.J., Abdul Rashid and Beckett JJ. in Governor-General in Council through Commissioner of Income-tax, Punjab, N.W.F. and Delhi Provinces, Lahore v. Sargodha Trading Co. Ltd. Before discussing these cases the ci....

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....ound by the liquidator in the liquidation proceedings that the company had sustained a loss for the assessment year in question. Unfortunately in the judgment, although some account is given of the proceedings before the Income-tax authorities, there is no mention of the date on which the company was ordered to be wound up, and it is therefore not possible to say what the decision of the learned Judge would have been if the assessment years were long before the order of winding up and in fact the company's appeal against the assessment had been dismissed by the Appellate Assistant Commissioner two years before the winding up order. In the Lahore case all that was held by the Full Bench was that income-tax which does not become due and payab....