COMMISSIONER OF INCOME TAX Vs. SARASWATHI AMMAL K

JUDGEMENT

(1.) THESE are references made by the Income-tax Appellate Tribunal, Madras Bench, of the two questions arising in relation to the assessment of the legal representative of one Loganatha Mudaliar and Tarapore, both partners of a firm called M/s. Tarapore & Co. The questions read as follows :

(2.) THE firm, of which the said Loganatha Mudaliar and Tarapore were partners, held certain shares in Kalinga Tubes Ltd. It is admitted that Kalinga Tubes Ltd. is an industrial undertaking which would fall under Section 84 of the I.T. Act, 1961. THE question now arises by virtue of Section 85. This section had been deleted by the Finance (No. 2) Act of 1967, with effect from April I, 1968. Before its deletion the section read as follows :