1965 (11) TMI 29

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....te judgment.] SUBBA RAO J.---These two appeals, which are cross-appeal, arise out of the same judgment of the High Court of Calcutta. The former was filed by the Assam Oil Company Ltd., and the latter, by the Commissioner of Wealth-tax (Central), Calcutta. The following two questions were referred to the High Court for its decision. "(1) Whether, on the facts and in the circumstances of the ca....

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....n the negative and the second question in the affirmative. The correctness of the answer to the first question is canvassed in Civil Appeal No. 66 of 1965 and that of the second question, in Civil Appeal No. 67 of 1965. We have held in Kesoram Industries & Cotton Mills Ltd. v. Commissioner of Wealth-tax, in which judgment was just now delivered, that the liability to pay tax under the Indian Inc....