CALCUTTA AGENCY LTD Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE following question has been referred by the Appellate Tribunal, Calcutta Bench, to the High Court for its opinion:

(2.) THE applicant is a private limited company incorporated in August 1932. From the Memorandum of Association of the company, it appears that it was brought into existence to float various companies including cotton mills.

(3.) IT appears that Nath Bank Ltd. instituted four suits against the Basanti Cotton Mills Ltd. In two out of the said four suits the Calcutta Agency Ltd. was impleaded as the co-defendant. The claim of the Nath Bank Ltd. was on certain hundies drawn by one Mr. S. C. Mitter purporting to act on behalf of the Calcutta Agency Ltd. These suits were decreed for Rs. 31, 593/9/3 and Rs. 21, 054/2/9. These decrees were passed by consent of the parties,