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TMI Blog1950 (5) TMI 37X X X X Extracts X X X X X X X X Extracts X X X X ..... the Income-tax Act. The question referred is in the following terms:- Whether in the facts and circumstances of this case Section 14(2) of the Excess Profits Tax Act is a bar to recovery of the excess profits tax for the chargeable accounting period ended the 30th of April, 1945, from the purchaser, Ramnath Bajoria. The facts giving rise to this reference are as follows: For the chargeabl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ne thousand nine hundred and forty-six together with all existing debts and liabilities of the vendors in respect of the said business will be on the account of the purchaser as appearing from the balance sheet of the business upto the thirtieth day of April one thousand nine hundred and forty-six. The purchaser hereby undertakes with the vendors that he will pay such taxes and liabilities as and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erefore, held that Section 14(2) of the Excess Profits Tax Act was a bar against the realisation of the excess profits tax from Bajoria. Application was then made to the Appellate Tribunal to refer a question to this Court and the Tribunal has referred the question which have already mentioned. It is not disputed that under Section 14(2) of the Excess Profits Tax Act Bajoria is not liable fo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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