LAWS(KER)-1962-1-18

DWARAKADAS LEELADHAR Vs. COMMISSIONER OF INCOME TAX

Decided On January 08, 1962
DWARAKADAS LEELADHAR Appellant
V/S
COMMISSIONER OF INCOME-TAX, KERALA. Respondents

JUDGEMENT

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

(2.) The assessee, Dwarakadas, was one of the two partners of a registered firm carrying on business in hessian cloth and jute products. The partnership was dissolved on 1-6-1953. It is common ground that after the dissolution the assessee continued the same business as its sole proprietor.

(3.) The partnership was working at a loss. The share of the assessee in the loss sustained by the firm as determined under S.16(1)(b) of the Indian Income Tax Act, 1922, was Rs. 76,097/- for the assessment year 1953-54 and Rs. 14,731/- for the assessment year 1954-55. It is the total of these two figures that is mentioned in the question referred by the Appellate Tribunal.