MANEY AND CO Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) This is a reference by the Income Tax Appellate Tribunal, Madras Bench, under S.66(2) of the Indian Income Tax Act, 1922. The questions referred are:

(2.) Question No. 1. In view of the decision of the Supreme Court in (1961) 41 I. T. R. 425 affirming the decision of this Court in (1958) 33 I. T. R. 287 it is agreed that this question has to be answered in the affirmative and against the assessee. We do so.

(3.) Question Nos. 2 & 3. The assessment relates to the assessment year 1950-51. The accounting period is the Malayalam year 1124, the period from 17-8-1948 to 16-8-1949.