COMMISSIONER OF INCOME TAX Vs. PATWARDHAN S G

JUDGEMENT

(1.) THIS is a reference at the instance of the CIT under s. 66(2) of the Indian IT Act, 1922. In this reference we are concerned with the asst. yrs. 1960-61 and 1961-62 for which the previous years ended on 31st March, 1960, and 31st March, 1961, respectively. In the view that we are taking we shall refer only to the sum of Rs. 40,000 which pertains to the asst. yr. 1960-61.

(2.) DURING the previous year ending on 31st March, 1960, the assessee had purchased the following shares :

(3.) IN the view that we have taken of the facts and circumstances arising in the reference, the question is answered in the affirmative and in favour of the assessee. Parties will, however, bear their own costs of this reference.