NEW INDIAN COLOUR CO Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) The following question of law has been referred by the Income-tax Appellate Tribunal (Delhi Bench "B"), under provisions of section 66(1) of the Indian Income Tax Act, 1922 (hereinafter referred to as "the Income Tax Act") :-

(2.) Messrs New India Colour Co., Delhi, a partnership firm registered under section 26A of the Income Tax Act, is the assessee in the case. The assessment years under reference are 1957-58 and 1958- 59; the relevant previous years being the years ending on the 31st January 1957 and the 31st January 1958 respectively.

(3.) The assessee-firm had two partners, Kartar Singh and one of his sons named Kahan Chand. The share of Kartar Singh was twelve annas in a rupee while that of Kahan Chand was four annas in a rupee.