CIT Vs. RAMAKRISHNA PILLAI
HIGH COURT OF KERALA
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(1.)This is a reference by the Income Tax Appellate Tribunal, Madras Bench, under S.66(1) of the Indian Income Tax Act, 1922. The question referred is:
"Whether the sum of Rs. 45,698/- is assessable to tax under the provisions of the second proviso to S.10(2)(vii) of the Income Tax Act -
(2.)The assessment year with which we are concerned is 1956-57. The assessee, an association of persons consisting of five members, was carrying on a bus-transport business in the accounting period relevant to the assessment year.
(3.)On 1 6 1955 the members of the association formed a Private Limited Company and transferred to that company the business and assets of the association. There were no shareholders other than the members of the association, and no assets other than those transferred by the association.
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