MEATTLES LIMITED Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THIS is a reference under S. 66(1) of Indian IT Act, 1922 (to be hereinafter referred to as the Act). The question of law referred is :

(2.) THE material facts of the case are these : M/s Meattles Ltd., Delhi, is a private limited company. Shri. B. D. Meattle, the governing director of the company, owns practically all the shares. In reality, it is a one -man concern, as held by the Tribunal. The board of directors of the company, by means of a resolution dated October 29, 1954, resolved as under :

(3.) FROM the material on record, it is not possible to find out the qualifi - cations of Shri. Meattle. It is not shown that his services are indispensable to the company. It is true that he is deeply interested in the company as he is the holder of practically all the shares of the company. In fact, it will not be an exaggeration to say that he and the company can be considered as one entity. Beyond that circumstances, there is nothing to show that the continuance of the life of Shri Meattle is of great importance for the business of the company.