KILBURN PROPERTIES LTD Vs. COMMR OF INCOME TAX

JUDGEMENT

(1.) This is a reference under section 66 (1), Income-tax Act & arises out of orders under section 23-A (1) of the Act for the assessment years 1941-42 & 1942-43.

(2.) The assessee is Kilburn Properties Limited Calcutta; the only source of income of the company is house property.

(3.) The assessable income of the company for 1941-42 was Rs. 34,772 & the income-tax payable was Rs. 10,141-13/- only leaving a balance of Rs. 24,630-3/- available for distribution as dividends. The general meeting of the company was held on 6-6-1941. No dividend was declared.