LAWS(MAD)-1959-4-13

UDAYA LIMITED Vs. COMMISSIONER OF INCOME TAX

Decided On April 23, 1959
UDAYA LTD., MADRAS Appellant
V/S
COMMISSIONER OF INCOME-TAX, MADRAS Respondents

JUDGEMENT

(1.) UNDER Section 66(1) of the Indian Income-tax Act, the Incomers Appellate Tribunal of Bombay has referred the following question for the decision of this Court:

(2.) THE provisions of the Act that are here relevant are to be found in Section 24 as it stood before it was amended in 1953 and 1955. That section so far as is now material, runs as follows :

(3.) LATER he- added: