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Showing contexts for: Anglo French Textiles in The Anglo French Textile Co. Ltd. By ... vs The Commissioner Of Income-Tax on 18 January, 1950Matching Fragments
1. The assesses in this case is the Anglo-French Textile Co., Ltd., by agents, Best & Co., Ltd., Madras. The method by which this company's business is being managed has been fully dealt with in the judgments delivered by us this morning in R. C. Nos. 25 and 27 of 1947 and need not be repeated. The question that is referred to us in this reference under Section 66 (1), Income-tax Act, by the Appellate Tribunal is as follows:
"Whether on the facts and in the circumstances of the case when an assessment has been made under Section 23 (1), Income-tax Act, determining the assesses company's income as 'nil' and when proceedings under Section 34 were subsequently started to assess the income which the Income-tax Officer believed to have escaped assessment, the assessee company is entitled to claim that the loss of profits and gains (including depreciation allowance) sustained by it in the previous year should be determined in the course of such proceedings."