{"id":259256,"date":"1996-04-22T00:00:00","date_gmt":"1996-04-21T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/ramesh-narain-saxena-ors-vs-commissioner-of-income-taxnew-on-22-april-1996"},"modified":"2019-02-15T06:06:57","modified_gmt":"2019-02-15T00:36:57","slug":"ramesh-narain-saxena-ors-vs-commissioner-of-income-taxnew-on-22-april-1996","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/ramesh-narain-saxena-ors-vs-commissioner-of-income-taxnew-on-22-april-1996","title":{"rendered":"Ramesh Narain Saxena &amp; Ors vs Commissioner Of Income Tax,New &#8230; on 22 April, 1996"},"content":{"rendered":"<div class=\"docsource_main\">Supreme Court of India<\/div>\n<div class=\"doc_title\">Ramesh Narain Saxena &amp; Ors vs Commissioner Of Income Tax,New &#8230; on 22 April, 1996<\/div>\n<div class=\"doc_citations\">Equivalent citations: 1996 AIR 1824, JT 1996 (5)\t529<\/div>\n<div class=\"doc_author\">Author: B Jeevan Reddy<\/div>\n<div class=\"doc_bench\">Bench: Jeevan Reddy, B.P. (J)<\/div>\n<pre id=\"pre_1\">           PETITIONER:\nRAMESH NARAIN SAXENA &amp; ORS.\n\n\tVs.\n\nRESPONDENT:\nCOMMISSIONER OF INCOME TAX,NEW DELHI\n\nDATE OF JUDGMENT:\t22\/04\/1996\n\nBENCH:\nJEEVAN REDDY, B.P. (J)\nBENCH:\nJEEVAN REDDY, B.P. (J)\nAHMAD SAGHIR S. (J)\n\nCITATION:\n 1996 AIR 1824\t\t  JT 1996 (5)\t529\n 1996 SCALE  (3)693\n\n\nACT:\n\n\n\nHEADNOTE:\n\n\n\nJUDGMENT:\n<\/pre>\n<p id=\"p_1\">\t\t      J U D G M E N T<br \/>\nB.P. JEEVAN REDDY,J.\n<\/p>\n<p id=\"p_1\">     This appeal  is preferred\tagainst the  judgment of the<br \/>\nDelhi High  Court answering  the question  referred  at\t the<br \/>\ninstance of  the assessee  against him.\t The question stated<br \/>\nunder <a href=\"\/doc\/1940213\/\" id=\"a_1\">Section  256(1)<\/a> of  Indian Income\t Tax Act,  1922\t was<br \/>\n&#8220;whether on  the facts\tand circumstances  of the  case, the<br \/>\nTribunal was  right in\tlaw in\tadding Rs.1,13,092\/-  to the<br \/>\ntotal income of assessee in the accounting year ending 31-3-<br \/>\n1961 &#8220;. The relevant assessment year is 1961-62.\n<\/p>\n<p id=\"p_2\">      The  appellant- assessee\twas exporter  of  hides\t and<br \/>\nskins. During the accounting year relevant to the Assessment<br \/>\nYear 1957-58,  he had pledged certain quantity of goat skins<br \/>\nwith the National Grindlay Bank. The value of the goat skins<br \/>\nwas Rs.\t 2,14,808\/-. He\t had taken an over-draft against the<br \/>\nsaid pledge  in sum  of more than Rupees tow lakhs. The Bank<br \/>\nofficers gave  inspection of  the said\tgoods to third party<br \/>\nbut thereafter\tdid not\t store them  properly. On account of<br \/>\nheavy monsoon,\tthe goat  skins got  damaged for  which\t the<br \/>\nappellant claimed  damages. The\t Bank authorities  were\t not<br \/>\nprepared to pay him the damages. On the contrary they called<br \/>\nupon the assessee to replace the goat skins. The damaged The<br \/>\ngoat skins  were removed  by the  Bank authorities to Delhi.<br \/>\nThereupon, the\tBank. the Bank officials took the stand that<br \/>\nby virtue  of the  hypothecation letter\t dated July 18, 1985<br \/>\nthey  were   entitled  to  remove  the\tgoods.\tThe  learned<br \/>\nMagistrate, however,  framed the appropriate charges against<br \/>\nthe officers  of  the  Bank.  The  Bank\t officials  filed  a<br \/>\ncriminal revision  against the\tframing or charges which was<br \/>\ndismissed by  the learned  Additional Sessions Judge on 19th<br \/>\nMay, 1960.  At this  stage, it appears that negotiation took<br \/>\nplace  between\t the  assessee\t and  the   Bank  towards  a<br \/>\nsettlement. On\tDecember 31,1960,  the assessee wrote to the<br \/>\nManager of  the Bank  stating, &#8220;I  have been  maintaining an<br \/>\nOverdraft Account  with your  Bank  and\t according  to\tyou,<br \/>\ncertain amounts are due form me on the basis of the same. On<br \/>\nthe other  hand, may contention is that I have claim against<br \/>\nthe Bank, which exceeds the amount of your claim against me.<br \/>\nI am  prepared to  forego and  give up\tmy claim against the<br \/>\nBank,  if  the\tBank  is  ready\t to  write  off\t the  amount<br \/>\noutstanding against  me&#8221;. This\twas agreed  to by  the Bank.<br \/>\nThereupon, both the parties moved the Delhi High Court where<br \/>\nthe criminal case was pending at the time, for permission to<br \/>\nwithdraw the  prosecution. a  learned Single  Judge  of\t the<br \/>\nPunjab High  Court sitting  at Delhi allowed the prosecution<br \/>\nto be  withdrawn and formally acquitted the accused vide his<br \/>\norder dated  January 5, 1961 pursuant to the said compromise<br \/>\nthe Bank  waived the  sum of  Rs. 1,93,159\/-  which was\t the<br \/>\nbalance due  to the  Bank on  the date\tof the\tHigh Court&#8217;s<br \/>\norder. The  assessee transferred  the credit  balance due to<br \/>\nthe Bank to the trading account deeming it to be towards the<br \/>\nloss sustained by him earlier as a result of the stock which<br \/>\nwere in\t Bombay in  the custody of the Bank and offered this<br \/>\namount for  taxation spread  over the three Assessment Years<br \/>\n1957-58 [Rs.39,940\/-],\t1958-59\t [Rs.73,152\/-]\tand  1959-60<br \/>\n[Rs.80,940\/-], The  Income Tax\tOfficer\t accepted  the\tsaid<br \/>\nadditions and  made assessment for the said three assessment<br \/>\nyears. While  completing the  assessment for  the Assessment<br \/>\nYears 1961-62, however, the Income Tax Officer took the view<br \/>\nthat the  entire sum  of Rs.1,93,159\/-\taforesaid  should be<br \/>\nincluded in  that assessment  year. Accordingly, he included<br \/>\nthe  same.  He\tthen  took  rectification  proceedings\twith<br \/>\nrespect to  the earlier\t assessment years.  He\tdeleted\t the<br \/>\naforesaid amounts  which were  included in  the\t assessments<br \/>\nrelating to Assessment Years 1957-58 and 1958-59 but did not<br \/>\ndelete the  addition  i\t the  Assessment  Year\t1959-60.  On<br \/>\nAppeal,\t the  Appellate\t Assistant  Commissioner  uphel\t the<br \/>\nassessee&#8217;s contention  that the\t said amount of Rs.193,159\/-<br \/>\ncannot be  treated as  income under  <a href=\"\/doc\/1543897\/\" id=\"a_1\">Section 41<\/a>\t (1) of\t the<br \/>\n<a href=\"\/doc\/789969\/\" id=\"a_2\">Income Tax  Act<\/a>,  1961\tand  accordingly  deleted  the\tsaid<br \/>\namount. The  Income Tax\t Officer preferred  an appeal to the<br \/>\ntribunal. The  tribunal found, after discussing the relevant<br \/>\nfacts that  &#8216;undoubtedly and  admittedly the  amount  was  a<br \/>\nrevenue receipt\t because the  assessee admitted\t before\t the<br \/>\nIncome-tax Officer  that compensation  was paid\t for loss of<br \/>\ngoods lying  at the bank&#8217;s godown at Bombay&#8230;&#8230;&#8230;..From a<br \/>\nperusal of  the facts  we are  of the  opinion\tthat  amount<br \/>\nrealized is  a part  of the consideration for wiping off the<br \/>\nassessee&#8217;s  trading   liability\t  as   assessee\t  took\t the<br \/>\nopportunity for\t wiping off liabilities by filing a criminal<br \/>\ncase against  the bank.\t The criminal  case against the bank<br \/>\nemployees would\t not alter  the real  character of the goods<br \/>\nwhich were  nothing but\t the stock  of goods of assessee. We<br \/>\nfind that  a sum  of Rs.2,13,092\/-  out of the provisions of<br \/>\n<a href=\"\/doc\/433380\/\" id=\"a_3\">section 41(1)<\/a>  of the  Act, this  amount could be brought to<br \/>\ntax during  the\t accounting  year&#8221;.  Accordingly,  Revenue&#8217;s<br \/>\nappeal was  allowed. Thereupon, the assessee applied for and<br \/>\nobtained reference of the aforesaid question for the opinion<br \/>\nof the High Court under <a href=\"\/doc\/1940213\/\" id=\"a_4\">Section 256(1)<\/a> of the Act.\n<\/p>\n<p id=\"p_3\">     When matter  came up  before the  High Court,  the High<br \/>\nCourt agreed  with the\tassessee, in the first instance that<br \/>\n<a href=\"\/doc\/433380\/\" id=\"a_5\">Section 41(1)<\/a>  was not\tattracted to  the facts of the case.<br \/>\nThen it proceeded to observe:\n<\/p>\n<blockquote id=\"blockquote_1\"><p>     &#8220;&#8230;&#8230;..It  is   clear  that   the<br \/>\n     payment received  by  the\tassessee<br \/>\n     (by way  of adjustment)  was by way<br \/>\n     of compensation  for loss or damage<br \/>\n     to\t the  assessee&#8217;s  stock-in-trade<br \/>\n     viz., hides and skins. The accounts<br \/>\n     of the assessee for these years are<br \/>\n     not before\t us but it is clear from<br \/>\n     the narration  that the balance due<br \/>\n     to the banker were adjusted against<br \/>\n     the write\toff the\t stokes\t damaged<br \/>\n     and hence\treturned for  assessment<br \/>\n     in\t earlier  years.  The  loss  and<br \/>\n     damage  had   taken  place\t in  the<br \/>\n     earlier years and payment which was<br \/>\n     received in  accounting year ending<br \/>\n     31.3.1961\t was\tassessable    in<br \/>\n     assessment\t  year\t 1961-62&#8230;..The<br \/>\n     resultant position,  therefore,  is<br \/>\n     that the  losses to  the exxtent of<br \/>\n     Rs. 1,13,052\/-  had been allowed of<br \/>\n     accounting year  1960-61 was liable<br \/>\n     to tax under <a href=\"\/doc\/433380\/\" id=\"a_6\">Section 41(1)<\/a> &#8230;&#8230;..<br \/>\n     Even  otherwise   the  compensation<br \/>\n     received being in respect of stock-<\/p><\/blockquote>\n<blockquote id=\"blockquote_1\"><p>     in-trade would be a trading receipt<br \/>\n     and   so\t assessable    to    tax<br \/>\n     irrespective   of\t  whether    the<br \/>\n     assessee had  claimed or omitted to<br \/>\n     claim the\tloss or\t damage\t to  the<br \/>\n     stock-in-trade  as\t  and  when   it<br \/>\n     occurred, as he should have done.&#8221;<\/p><\/blockquote>\n<p id=\"p_4\">     On the  above reasoning,  the High\t Court answered\t the<br \/>\nquestion referred to it in favour of the Revenue and against<br \/>\nthe assessee.\n<\/p>\n<p id=\"p_5\">     Sri Mistry learned counsel for the appellant, submitted<br \/>\nthat the  High Court  having  rightly  held,  in  the  first<br \/>\ninstance, that\t<a href=\"\/doc\/433380\/\" id=\"a_7\">Section 41(1)<\/a>  is not attracted in the facts<br \/>\nand circumstances  of the case, erred in bringing in <a href=\"\/doc\/433380\/\" id=\"a_8\">Section<br \/>\n41(1)<\/a> later  to justify\t the inclusion\tof the\tsaid  amount<br \/>\n[Rs.1,13,052\/-]. Counsel  submitted  that  the\tsaid  amount<br \/>\ncannot be  treated as  the income  of the assessee under any<br \/>\nprovision of  the Act.\tWe have\t set  out  hereinbefore\t the<br \/>\nrelevant portion from the judjment of the High Court. We are<br \/>\nof opinion that the decision of the High Court is not really<br \/>\nbased upon  Secton 41(1),  the said  amount is\tliable to be<br \/>\nincluded in the assessment relating to Assessment Year 1961-<br \/>\n62 for\tthe reason  that the  amount so received represented<br \/>\ncompensation  in   respect  of\t his   stock-in-trade\tand,<br \/>\ntherefore,  it\t constitutes  a\t  trading  receipt   and  is<br \/>\naccordingly assessable\tto  tax\t irrespective  of  the\tfact<br \/>\nwhether the  assessee had  or had  not claimed\tthe loss  of<br \/>\ndamage to  stock-in-trade, as and when it occurred. The main<br \/>\nbasis of  the judgment\tof the\tHigh Court  is that  is\t was<br \/>\ncompensation for  loss or damage to the assessee&#8217;s stock-in-<br \/>\ntrade &#8211;\t and not  <a href=\"\/doc\/433380\/\" id=\"a_9\">Section 41(1)<\/a>.  Indeed, this\twas also the<br \/>\nfinding of  the Tribunal,  as  would  be  evident  form\t the<br \/>\nrelevant extracts form its judgment set out hereinabove. Sri<br \/>\nMinistry did not dispute the fact that if the said amount is<br \/>\ntreated as  compensation received  in respect  of  stock-in-<br \/>\ntrade  it   would  be  a  trading  receipt  and\t accordingly<br \/>\nassessable to tax.\n<\/p>\n<p id=\"p_6\">     We see  no reason to interfere with the answer given by<br \/>\nthe High  Court\t to  the  question  stated.  The  appeal  is<br \/>\ndismissed but there shall be no order to costs.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Supreme Court of India Ramesh Narain Saxena &amp; Ors vs Commissioner Of Income Tax,New &#8230; on 22 April, 1996 Equivalent citations: 1996 AIR 1824, JT 1996 (5) 529 Author: B Jeevan Reddy Bench: Jeevan Reddy, B.P. (J) PETITIONER: RAMESH NARAIN SAXENA &amp; ORS. Vs. RESPONDENT: COMMISSIONER OF INCOME TAX,NEW DELHI DATE OF JUDGMENT: 22\/04\/1996 BENCH: [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[30],"tags":[],"class_list":["post-259256","post","type-post","status-publish","format-standard","hentry","category-supreme-court-of-india"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Ramesh Narain Saxena &amp; Ors vs Commissioner Of Income Tax,New ... on 22 April, 1996 - Free Judgements of Supreme Court &amp; High Court | Legal India<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalindia.com\/judgments\/ramesh-narain-saxena-ors-vs-commissioner-of-income-taxnew-on-22-april-1996\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ramesh Narain Saxena &amp; 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