Whether on the facts and in the circumstances of the case, in companyputing the accumulated profits of Messrs. Shyam Sunder Tea Co. P Ltd. within the meaning of Section 2 6A e , the Tribunal acted rightly in refusing to allow, a deduction in respect of loans advanced by the said Company to the erstwhile family of Messrs. Hanutram Ramprotap which amounted to Rs.
The High Court has answered the first two questions in favour of the assessee and it did number go into the other questions as it opined that in view of the answers given to the second questions there was numberneed to answer the remaining questions.
Whether on the facts and in the circumstances of the Case, the Tribunal was justified in holding that the Hindu undivided family of Hanutram Ramprotap was number, a shareholder in M s. Shyam Sundar Tea Company Ltd. up till 16 8 1955 ?
Whether on the facts and in the circumstances of the case, there was any material before the Tribunal for the finding that the applicant family was the beneficiary up till 1678 1955 in respect of 50 shares registered in the name of Sri S. M. Saharia on 16 5 1953, before the disruption in the joint status of the family of Hanutram Ramprotap ?
Appeals by certificate special leave from the judgment and order dated May 10, 1965 of the Assam and Nagaland High Court in Income tax Reference No.
Civil Appeal No.
The judgment under appeal is one rendered in a reference under s. 66 1 of the Indian Income tax Act, 1922 .to be hereinafter called the Act .
1426 and 1427 of 1971.
The Income tax Appellate Tribunal after stating the case referred the following six questions for the opinion of the High Court Whether on the facts and in the circumstances of the case and upon a true interpretation of the provisions of the Second proviso to s. 3 4 3 , the assessment for the year 1955 56 on the applicant Hindu undivided family made on 6 2 1961, pursuant to an order under section 27, cancelling the assessment of Shri S. M. Saharia, as an individual, was barred by limitation ?
Whether on the facts and in the circumstances of the case, and on a true interpretation of the terms of section 2 6A e of the Income tax Act, 1922, the Tribunal was right in holding that the amounts of Rs.
But the appeal relating to the, assessment year 1956 57 should be allowed and the case remitted to the High Court for answering the questions that remain to be answered.
51,049 and Rs.
1956 and 1957 of 1969 and 1426 and 1427 of 1971.
66,206 for the assessment years 1955 56 and 1956 57, respectively, being the difference between the written down value of depreciable assets of the said Company as per income tax records and their book value?
CIVIL APPELLATE JURISDICTION Civil Appeals Nos.
Prima facie this assessment is barred by s. 34 3 which says No order of assessment or reassessment, other than an order of assessment under section 23 to which clause c of sub section 1 of section 28 applies or an order of assessment or reassessment in cases falling within clause a of sub section 1 or sub section 1A of this section shall be made after the expiry of four years from the end of the year in which the income, profits or gains were first assessable.
As mentioned earlier this question exclusively relates to the assessment year 1955 56, the relevant previous year being Ramnaami year 2011 ending on March 31, 1955 .
2 of 1964.
P. Khaitan, for the respondent in all the appeals .
C. Manchanda and R. N. Sachthey, for the appellant in all the appeals .
2,21,702 gross and Rs.
At present we are only companycerned with those appeals.
1956 57 of 1969 by certificates have become infructuous as the certificates on the strength of which those appeals were brought were number properly issued.
3,43,5 05 net were taxable as dividends in the hands of the applicant H.U.F. for the assessment years 1955 56 and 1956 57 respectively, when the shares were registered in the name of Sri S. Saharia, the Karta of the family ?
3,80,567 a at 16 8 1955 and written off at the end of the year 1.955.
Let us first refer to the facts relating to the first question.
The Judgment of the Court was delivered by Hegde, J. Civil Appeals Nos.
The appeals filed on the basis of the special leave granted are Civil Appeals Nos.
To get over that difficulty, the Commissione of Income tax applied for and obtained special leave to appeal against the judgment of the High Court of Assam and Nagaland.
In respect of that assessment, the Income tax, Officer issued a numberice under S. 22 2 to Shri Sanwamal Saharia in the status of an individual on December 27, 1955.
An assessment was made on the U.F. on February 6, 1961 on the basis of the return submitted on October 29, 1959.
Whether on the facts and in the circumstances of the case, there was any material before the Tribunal to justify the companyclusion that Sri S. M. Saharia was holding shares in Messrs. Shyam Sunder Tea Co. Private Ltd. in his capacity as Karta of the applicant family companysistingof himself and his minor son ?
1426 of 1971 has to be dismissed.
3,60,989 as at 31 12 1954 and increased to Rs.
