COMMISSIONER OF INCOME TAX Vs. RAM RATAN GUPTA

JUDGEMENT

(1.) THESE are four references under section 66(1) of the Income-tax Act. Along with each reference there is an application under section 66(4) also. The point involved in the references and the applications is the same. There is also only one statement of the case in respect of all the four references. Accordingly, we propose to dispose of all the four references and all the four applications under section 66(4) by one consolidated judgment.

(2.) THE question referred to us for opinion is :

(3.) THE matter was dealt with in the articles of association also. THE relevant articles are articles 143 and 144. THEy are as follows :