KURIES AND TRADES LTD Vs. CIT KERALA

JUDGEMENT

(1.) The Income Tax Appellate Tribunal, Cochin Bench has referred to us the following question in the Income Tax References 35 & 36 of 1974 by a common order dated 5 4 1974: -

(2.) The assessee is a limited company incorporated under the Companies Act, 1956. The assessment in respect of which the reference application has arisen is for the period 1969-70 and 1970-71, the relevant accounting years having ended on 31-12-1968 and 31-12-69. The company had been assessed to income tax up till 1968-69 and no dispute had arisen in respect of the earlier assessments on the point which is raised in the present reference cases.

(3.) Clause.3 of the Memorandum of Association of the company refers to various objects of the company. The relevant provisions of Clause.3 are quoted below.