JOSEPH JOHN Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THIS is a reference by the Income-tax Appellate Tribunal, A Bench, Madras, under section 66 (1) of the Indian Income-tax Act, 1922. The questions referred are :

(2.) THE accounting periods are the calendar years 1952 and 1953. THE two Members of the Appellate Tribunal, Messrs. Sambamurthi and Sankararaman, who heard the appeal, in the first instance, differed on the following point :

(3.) THE first proviso to section 24 (1) is in the following terms :