R. N. OSWAL HOSIERY AND MAHABIR WOOLLEN MILLS vs COMMISSIONER OF — 1971 PTD 85

Citation: 1971 PTD 85

Court: Punjab and Haryana High Court

Year: 1970

Decision Date: 1970-12-31

Parties: R. N. OSWAL HOSIERY AND MAHABIR WOOLLEN MILLS vs COMMISSIONER OF JUDGMENT

Headnotes

Case cited as 1971 PTD 85

Judgment Text

Court Name: Punjab and Haryana High Court Judge(s): Mehar Singh, Shamsher Bahadur Title:R. N. OSWAL HOSIERY AND MAHABIR WOOLLEN MILLS vs COMMISSIONER OF JUDGMENT Reported As: 1971 PTD 85 Result: question in the negative Judgment JUDGMENT SHAMSHER BAHADUR, J.-The questions which fall for determination in the reference made to this Court under sub--section (1) of section 66 of the Indian Income-tax Act, 1922 (hereinafter called the Act) are these :- "(1) Whether two partnership firms having common partners and identical shares are as a matter of law one ? (2) If yes, whether the income earned by such two firms is to be assessed collectively ?" The first question as framed is manifestly one of law and not dependent on the facts but it would be necessary to have a background of the circumstances in which the reference at the instance of the applicant has been made by the Income-tax Appellate Tribunal, Delhi. The assessm ents in respect of which appeals were pending before the Income-tax Appellate Tribunal relate to 1958-59 and 1959-60, the previous years ending with 31st March 1958, and 31st March 1959, respectively. The applicant is R. N. Oswal Hosiery and Mahabir Woollen Mills, Ludhiana, which formed itself into a partnership under a document of 6th of April 1953, consisting of five partners, each entitled to one-fifth share. Another partnership consisting of the same five partners with the same shares was formed under an earlier partnership deed of 7th of January 1953, with…

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