SASSOON J DAVID AND CO PVT LIMITED BOMBAY SASSOON J DAVID AND CO PVT LIMITED BOMBAY Vs. COMMISSIONER OF INCOME TAX BOMBAY:C I T BOMBAY

JUDGEMENT

(1.) SINCE these appeals by certificate involve a common question of law, we find it convenient to dispose them of by this common judgment.

(2.) CIVIL Appeal No. 2501 of 1972 is filed against the judgment of the High Court of Bombay in Income-tax Reference No. 58 of 1963 and CIVIL Appeals Nos. 2502-2504 of 1972 are filed against the judgment of that High Court in Income-tax Reference No. 87 of 1963. The assessee, M/s. Sessoon J. David and Co. Pvt. Ltd. (hereinafter referred to as 'the Company') is the appellant in all these cases and the assessment years are 1957-58, 1958-59, 1959-60 and 1960-61, the relevant calendar years being 1956, 1957, 1958 and 1959 respectively.

(3.) IT should be mentioned here that A. E. Joseph, the former Director of the Company had to be paid as per the resolution of the Company Rs. 16,885 by way of annuity during a period of five years commencing with 1956.