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TMI Blog1970 (11) TMI 36X X X X Extracts X X X X X X X X Extracts X X X X ..... the consistent view that the Supreme Court has taken right from Liquidators of Pursa Ltd. v. Commissioner of Income-tax, and we see no reason to take a different view of the matter. In our opinion, thisquestion stands completely concluded by the aforesaid decision in favor of assessee. - - - - - Dated:- 17-11-1970 - Judge(s) : D. K. MAHAJAN., BAL RAJ TULI. JUDGMENT The Income-tax Appel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ust 31, 1955. The assessee, Saraswati Sugar Syndicate Ltd., Yamunanagar (hereinafter referred to as "the company"), is a limited liability company. It owned two sugar factories, one at Yamunanagar and the other at Neoli. The Neoli factory was not running during the previous year. It was sold by the company on 28th September, 1954. The sale resulted in a surplus of Rs. 10,16,443 being the excess of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncome-tax Officer preferred an appeal to the Appellate Tribunal. The Tribunal also affirmed the decision of the Appellate Assistant Commissioner and rejected the appeal. The Tribunal mainly based itself on the decision of this court in Rohtak Hissar District Electricity Supply Co. Ltd. v. Commissioner of Income-tax, for its conclusion that the surplus which had been treated as income was not inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... banded all the staff working at Neoli and (2) that the vendee had taken possession of the factory as early as July 1, 1954, i.e., before the relevant previous year even though the registration of the sale-deed was completed in the previous year on September 28, 1954. At the instance of the department, the aforesaid two questions were referred for our opinion. So far as the first question of law ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of assuming a state of affairs which did not exist. The analogy on which the learned judges in Niranjan Lal Ram Chandra's case proceeded has no bearing so far as the facts of the present case are concerned. It is well known that in order to work a sugar factory, lot of preliminary arrangements are to be made. There is no evidence that any such preliminary arrangements were made during the prev ..... X X X X Extracts X X X X X X X X Extracts X X X X
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