INDIAN RADIO AND CABLE COMMUNICATIONS LIMITED Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) -

(2.) THIS is a case stated by the Commissioner of Income Tax under Section 66 (2) of the Indian Income Tax Act which raises a question "whether the half share of the net profits payable by the assessee company under Clause 5 of the agreement dated the 19th day of February 1935, viz., Rs. 3,35,861 is a proper deduction to be allowed for the purpose of arriving at the amount on which this company should be assessed for the purposes of income-tax and super tax within the meaning of Section 10 (2) (ix).

(3.) THE question raised by the Commissioner must therefore be answered in the negative.