COMMISSIONER OF INCOME TAX Vs. SUDHIR KUMAR SEN

JUDGEMENT

(1.) : By an order under s. 66(2) of the Indian IT Act, this Court called upon the Tribunal to send a statement of case on the following question of law :

(2.) THE question of law arises in the circumstances hereinafter stated. THEre was a firm known as M/s Sen and Pandit. THE assessee, Sudhir Kumar Sen, was, at one time, a partner of the said firm. THE firm above named was a shareholder of a limited company known as M/s S. K. Sen and Sons Limited. On or about September 26, 1951, the firm known as M/s Sen and Pandit was dissolved and its assets and liabilities were taken over by a private limited company named M/s Sen and Pandit Private Limited. THE transfer of assets to the last named private company included the shares held by M/s Sen and Pandit firm in the company known as M/s S. K. Sen and Sons Limited. M/s Sen and Pandit Private Limited, however, did not take steps to have their names mutated in the books of M/s S. K. Sen and Sons Limited, in respect of the shares which they took over.

(3.) AGGRIEVED by the order of the Tribunal, the CIT tried to induce the Tribunal to refer the question of law hereinbefore stated and therein failing, applied before this Court and obtained an order under s. 66(2) of the Indian IT Act calling for a statement on the question of law quoted at the beginning of this judgment.