Law: Income Tax Act, 1922

Section:

Income-tax-----Juristic person---Taxation---Change in management of juristic person-¬Effect ---Business of the mill was nationalized which was denationalized later and possession of the mill was handed over to the original shareholders---Mill having a separate and independent legal existence, and being a juristic person remained and continued as it was and it was thus liable for dues against it whoever was in the management. JUDGMENT MD. ABDUL JALIL, J.---This rule was issued at the instance of the petitioner Chand Textile (Spinning) Mills Ltd., calling upon the respondent, namely, Deputy Commissioner of Taxes, Companies Circle-I, Dhaka (West Zone), Dhaka to show cause why the impugned notices as evidenced by Annexures `A'; `B' and `C' to the petition should not be declared to have been made without any lawful authority and to be of no legal effect. 2. The case of the petitioner is that it is a manufacturing company carrying on business of spinning textile thread. The business of the company was nationalized under the President's Order No.27 of 1972. Later on after legal proceeding the company was denationalized and the possession of the same was handed over to the original shareholders and promoters of the company on 8-12-1982. The present management received possession of the mill after retransfer in a ramshackle state and before they could fully gear up with confidence to resume the business. The Bankers of the petitioner mill were served with the impugned Notices No. 717/Coy-I(W)/90-91, dated 2-5-1991. 717/Coy-I(W)/90-91, dated 10-11-1990 and 717/Coy-I(W)/9091/500 dated 10-11-1990 (Annexures 'A', `B' and `C' by the respondent under section 143(2)(a) of the Income Tax Ordinance, 1984, demanding a sum of Taka 2,43,69,560. Previously the amount demanded was Taka 4,62,88,998 as claimed by Demand Notice No.717/Coy-I(W), dated 10-.11-1990 served on Agrani Bank, Nawabpur Road, Dhaka who sent a copy of the said demand notice to the petitioner by Letter No.Agrani/L/1482/90, dated 18-11-1990 (Annexures D and D(I) respectively to the petition). On 12-9-1990 the respondent served a demand notice being No. GIR 390/Com-I(CA) for a sum of Taka 1,02,27,381 (Annexure `E' to…

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