Chennai Court January 1951 Judgments
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M.P. Venkatachalapathy Iyer and S.K. Sundaramanier and Co. Vs. the Com ...
Court: Chennai
Decided on: Jan-02-1951
Reported in: AIR1952Mad238; [1951]20ITR363(Mad); (1951)IIMLJ303
Satyanarayana Rao, J. 1. The Income-tax Appellate Tribunal referred the following two questions to this Court for its opinion: 1. Whether in the circumstances of the case thesum of Rs. 21,372/- could in law be treated as aloss in the account period of the assessment year1942-13 and if not; 2. Whether this sum could be deducted as an expenditure under Section 10 (2) (xii), or as abad debt under Section 10 (2) (xi), of the Income-taxAct. The assessees, who are the applicants, are a registered firm and carry on business as yarn merchants. They were assessed to income-tax for the assessment year 1942-43 (the accounting year ending with 12th April 1942) in which they claimed that they were entitled to deduct out of the income a sum of Rs. 21,372. The baste of the claim for deduction is that the amount represented the loss sustained by them as the result of embezzlement by one Rajarathnam Aiyangar, a former clerk of their firm. In such capacity the clerk was entrusted with manifold duties. ...
Seeram Appala Raju Vs. the Official Receiver
Court: Chennai
Decided on: Jan-02-1951
Reported in: AIR1951Mad879a; (1951)1MLJ551
Govinda Menon, J. 1. The J. D. against whom a decree for a sum of money had been passed in I. P. No. 8 of 1927 is the applt. in this appeal. One Chekka Rangayya was adjudicated an insolvent on 17-11-1927 & his properties vested in the Official. Receiver of West Godavari. This Chekka Rangayya. had to realise a certain sum of money from the present applt. & therefore the Official Receiver filed an appln. Under Section 4, Provincial Insolvency Act, & the Ct. passed an order directing the applt. to pay a sum of money as due to Chekka Rangayya to the Official Receiver of West Godavari on 9-4-1941. According to the provisions of the Act, this order is tantamount to a decree which is capable of execution. The decree was for a sum of Rs. 8120-5-11. Against the order directing the payment of this sum, an appeal was preferred to this Ct. in C. M. A. No. 545 of 1941 which was, dismissed on 4-2-1943. In the meanwhile, the insolvent had died on 13-11-1941 & his legal representative had been brought...
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