K H CHAMBERS Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) IN this reference the question of relief under S. 25(4) of the Indian IT Act arises in the following circumstances.

(2.) SUCCESSIVE appeals carried to the AAC and the Tribunal failed. The Tribunal also held that :

(3.) THEREAFTER , G. A. Chambers suggested that K. H. Chambers should "obtain some advantage from the goodwill and connections of Chambers and Co. either by interesting financially one or other of the firm's connections, or by offering to work on a commission basis, but it must be a clear commission basis, free of all risks and expenses". To this letter, the son replied that he was trying to raise the necessary finance but wanted G. A. Chambers "to pay to me or to my financier, when recovered, the proceeds of the debts now due, less the cost of recovery, less any losses on contracts in course of execution or in transit...... If I get this finance, I would prefer to start right afresh in my own name or in the name of C and Co. if you do not wish to trade under this name in future. I can get a place for less rent and use a smaller staff. I hope you will allow me to make use of the existing private codes...."