SIDHESWAR PRASAD NARAYAN SINGH Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THIS is a reference made by the Commissioner of Income-tax, Bihar and Orissa, under Section 66(3), Indian Income-tax Act.

(2.) BY an order of this Court dated the 17th of April, 1941, the Commissioner was asked to state a case upon the following question, nemely,

(3.) THE decree was put in execution on the 12th of June, 1937, and during the pendency of this exeuction in the year 1938-39 the assessees entered into an agreement with one of the brothers Babu Srikant Lal in pursuance of which he was discharged from all furture liabilities in connection with the handnotes on payment of a sum of Rs. 21,000 in satisfaction of half of the decretal amount. I am in this paragraph quoting the acutla words of the Commissioner himself.