COMMISSIONER OF INCOME TAX Vs. HASSANALLY AND SONS
HIGH COURT OF CALCUTTA
COMMISSIONER OF INCOME-TAX
Click here to view full judgement.
Sankar Prasad Mitra, J. -
(1.) This is a reference under Section 66(1) of the Indian Income-tax Act, 1922. Up to the assessment year 1959-60 the respondent had two partners, namely, Golam Hussain Hasanali and Eusufali Hasanali. They were brothers and had equal shares. The firm was carrying on business in hardware and mill stores and was granted registration under Section 26A of the Income-tax Act.
(2.) For the assessment year 1960-61, the assessee applied for a fresh registration. It was stated that a deed of partnership dated the 16th March, 1959, had been executed and a new firm had been constituted consisting of seven partners. These seven partners and their respective shares are as follows :
(3.) It was claimed that the sons of the two original partners have contributed to the firm's capital out of gifts made by their respective fathers.;
Copyright © Regent Computronics Pvt.Ltd.