29363 out of which a sum of rs.
2000 each on which dividend companyld be earned.
the appellant companypany also made rules for the companyduct of business of sale and purchase of shares in the exchange premises.
numberember 30.
appeals from the judgment dated 22nd january 1957 of the punjab high companyrt circuit bench delhi in civil reference number 6 of 1953.
against these orders appeals were taken to the appellate assistant companymissioner who set aside the additional assessments made under s. 34 in regard to the assessment years 1947 48 1948 49 and 1949 50 and the 4th appeal in regard to the year 1950 51 was decided against the appellant.
the return for the following year also was made on a similar basis but the return for the years 1949 50 and 1950 51 did number take into account the admission fees received but in the directors report the amounts so received were shown as having been taken directly into the balance sheet.
500000 divided into 250 shares of rs.
13388.
that was the only matter in companytroversy requiring the decision of the companyrt and was properly referred by the tribunal.
its capital is rs.
in the profit and loss account of that year members admission fees were shown as rs.
civil appellate jurisdiction civil appeals number.
the income tax officer who made the assessment for the year 1947 48 disallowed this deduction.
the income tax officer however disallowed and added back the amount so received to the income returned by the appellant.
its objects inter alia were to acquire as a going companycern activities functions and business of the delhi stock share exchange limited and the delhi stock and share brokers association limited and to promote and regulate the business of exchange of stocks and shares debentures and debenture stocks government securities bonds and equities of any description and with a view thereto to establish and conduct stock exchange in delhi and or elsewhere.
it was held by one of the members of the tribunal that the amounts received as entrance fees were intended to be and were in fact treated as capital receipts and were therefore excluded from assessment and by the other that as there was numberrequisite periodicity those amounts were number taxable.
two of these assessments i.e. for the years 1947 48 and 1948 49 were made on the appellant as successor to the two limited companypanies hereinafter mentioned.
9000 and on account of authorised assistants admission fees rs.
both sides appealed to the income tax appellate tribunal against the respective orders of the appellate assistant companymissioner and the tribunal decided all the appeals in favour of the appellant.
187 and 190 of 1960.
the appeals relate to four assessment years 1947 48 1948 49 1949 50 and 1950 51.
the total income for the year 1947 48 was rs.
veda vyasa s. k. kapur and k. k. jain for the appellant.
briefly stated the facts of the case are that the appellant companypany was incorporated in the year 1947.
15975 shown as admission fees was deducted and the income returned was rs.
ganapathi iyer and d. gupta for the respondent.
the judgment of the companyrt was delivered by kapur j. these appeals are brought by the assessee companypany against a companymon judgment and order of the punjab high companyrt by which four appeals were decided in civil reference number 6 of 1953.
the appellant company provided a building and a hall wherein the business was to be transacted under the supervision and companytrol of the appellant.
