MOTOR AND GENERAL FINANCE LTD Vs. COMMISSIONER OF INCOME TAX
HIGH COURT OF PUNJAB AND HARYANA
MOTOR AND GENERAL FINANCE LTD.
COMMISSIONER OF INCOME TAX
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A.N.Bhandari, C.J. -
(1.) These two petitions under Section 66 (2) of the Indian Income-tax Act raise the question whether the Appellate Tribunal should be required to state a case and to refer to this Court certain questions of law which are said to have arisen out of its order dated the 19th July, 1954.
(2.) The petitioner in these cases is the Commissioner of Income-tax while the respondent in one case is the Motor and General Finance Limit- ed, Delhi, and the respondent in the other ease is M/s. Goodwill Pictures Limited, Delhi. The first Company, as its name implies, finances motor and other businesses, while the second Company carries on the business of distribution and exhibition of cinema films.
(3.) The first Company commenced its business with the purchase and sale of motor vehicles on hire-purchase basis, but later extended it to the purchase and sale of land and to the acquisition of films on hire-purchase system. In the accounting year 1945-48 the Company made the following addition to the Object Clause of its Memorandum of Association : --
"To carry on the business of film finance, whether by system of hire- purchase, co-partnership, profit sharing, royalty and/or on percentage commission or any other form; and to act as producers, distributors, exhibitors of cinema films, and to carry on business of cinematograph trade and industry in all its branches.";
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