DHARMAPOSHANAM COMPANY Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE Income -tax Appellate Tribunal, Madras Bench, had drawn up the following statement of fact :

(2.) THE assessee is a company registered under section 32 of the Cochin Companies Act, corresponding to section 26 of the Indian Companies Act. A licence dated 8th January, 1931, was issued to the company by the secretary to the Dewan of Cochin and this was as unde :

(3.) UNDER clause 38 of the articles of association, the business of the company was to be carried on by the directors. Clause 40 is as unde :