COMMISSIONER OF INCOME TAX Vs. MAHALAKSHMI TEXTILES MILLS LIMITED

JUDGEMENT

(1.) AS these two cases arise out of the same order of the Tribunal they are dealt with together.

(2.) THE assessee is a public limited company carrying on business in the manufacture and sale of yarn. In the accounts of the assessee for the assessment year 1948-49, the previous year being the year ending on December 31, 1947, there were the following credits in the name of one N. T. THEnappa Chettiar, a resident of the former native State of Pudukottah. <FRM>JUDGEMENT_360_ITR100_1975Html1.htm</FRM>

(3.) AT the instance of the revenue the following question has been referred to this court in T. C. No. 125 of 1968 :