LALA RAM KISHAN GUPTA Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THIS is a reference under section 66(1) of the Income-tax Act. The question which has been referred for the opinion of the court i :

(2.) THE facts giving rise to the reference ar : that in the assessment year, 1946-47, the assessee was assessed in the status of an individual. In that assessment a sum of Rs. 7,750 was included as the assessees share of the surplus realisation by the sale of 9,000 shares of the Soora Jute Mills Co. Ltd., which stood in the name of the Lala Shyamsunder Ji and out of which the assessee held 1,125 shares. It may be stated that 36,000 shares of Soora Jute Mills Co. Ltd., were purchased on April 20,1944, at the rate of Rs. 32 per share from Messrs. Mangani Ram Bangar &amp; Co. of Calcutta as follow : <FRM>JUDGEMENT_991_ITR52_1964Html1.htm</FRM>

(3.) THE Accountant Member, who concurred with the opinion of the Judicial Member as quoted above, observed as follow :