M.A. ISPAHANI Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) This is a Reference under Sec. 66(1) of the Indian Income -tax Act.

(2.) The assessment year involved is the year 1949 -50, the relevant accounting year being the year ended on December 31,1948. The question referred to this Court is:

(3.) The question arises in the following circumstances. The Assessee is an individual and a share -holder of a company known as M. M. Ispahani Ltd. It is admitted that: