KISHANCHAND LUNIDASINGH BAJAJ Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) BY this application the assessee requires the Appellate Tribunal to refer three questions of law which are said to arise out of the Tribunal's order dated 31st May, 1962, in I.T.A. No. 9602 of 1960-61 to the High Court of Mysore at Bangalore. Inasmuch as, in our opinion, a question of law does arise out of the Tribunal's order we accordingly state an agreed case and refer it to the High Court under section 66(I).

(2.) THERE were three Hindu undivided families, viz. (i) the assessee family of Seth Kishandchand Lunidasingh Bajaj, (ii) family of Seth Purushotham Bajaj, and (iii) family of Seth Parmanand Bajaj.

(3.) ON June 30, 1957, credit was given to Kishanchand's share account and shares purchase account was debited. The dividend and income from the securities had been credited in the books of the firm.