MYSORE STANDARD BANK LIMITED Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) This is a reference made under section 66(1) of the Indian Income-tax Act, to be referred to as the "Act" hereinafter. The question of law referred is :

(2.) Sri D.R. Venkatesha Iyer, the learned counsel for the assessee, did not avail of the assistance of section 10(2)(x). He conceded that that provision may not be applicable to the facts of the present case. Therefore, we have confined our attention only to the scope of section 10(2)(xv) of the Act.

(3.) The material facts of the case are as follows :