sen g. c. sharma r. n. sachthey and b. d. sharma for the appellant in all the appeals .
the judgment of the companyrt was delivered by shah j. sri ganapathy mills company limited distributed divident to its shareholders out of the business profits earned by it in the years ending december 31 1953 and december 31 1954.
198 to 201 of 1962 references number.
appeals from the judgment and order dated august 2 1965 of the madras high companyrt in tax cases number.
civil appellate jurisdiction civil appeals number.
2321 to 2324 of 1966.
114 to 117 of 1962 .
in assessing the income of the shareholders for the assessment years 1955 56 and 1956 57 the income tax officer rejected their claim for exemption from tax under s. 15 c 4 of the incometax act 1922 and brought the dividend income to tax.
gobind das and lily thomas for the respondents in all the appeals .
the companypany however carried in its accounts a large balance of unabsorbed depreciation admissible under s. 10 2 vi and s. 10 2 vi a of the income tax act and on that account it had numbertaxable income in the relevant assessment years 1954 55 and 1955 56.
order was companyfirmed by the income tax appellate tribunal.
