Chennai Court November 1959 Judgments

S.P.K.K. Kader Mohideen of Pettai Vs. the Commissioner of Income-tax

Court: Chennai

Reported in: (1960)1MLJ152

ORDERRamachandra Iyer, J.1. The following question was referred to us under Section 66(1) of the Income-tax Act:Whether the assessment of the entire profits of S.P.K. Kader Mohideen and Co., Ltd, in the hands of the assessee for assessment year 1949-1950 invoking the provisions of Section 44-D of the Indian Income-tax Act is valid?When the reference came up for hearing, it was found that, in order to answer the question referred to, certain matters had to be elucidated, and accordingly the Income-tax Appellate Tribunal was called upon to send a further statement of the case with specific findings on the following points:(1) Whether the assessee returned the dividend income of his wife and minor sons in discharge of the statutory liability imposed by Section 16(3) of the Income-tax Act or because of his consciousness that he was the real owner of the shares.(2) Whether the consideration paid for the shares by P.M. Mohammad Naina Sahib was out of his own monies or was it contributed by t...