UPPER INDIA SUGAR EXCHANGE LTD. vs COMMISSIONER OF INCOME-TAX, U. P. — 1971 PTD 1054

Citation: 1971 PTD 1054

Court: Allahabad High Court

Year: 1968

Decision Date: 1968-09-10

Parties: UPPER INDIA SUGAR EXCHANGE LTD. vs COMMISSIONER OF INCOME-TAX, U. P.

Headnotes

Case cited as 1971 PTD 1054

Judgment Text

Court Name: Allahabad High Court Judge(s): V. G. Oak, T. P. Mukherjee Title: UPPER INDIA SUGAR EXCHANGE LTD. vs COMMISSIONER OF INCOME-TAX, U. P. Case No.: Income-tax Reference Miscellaneous No. 248 of 1968 Date of Judgment:1968-09-10 Reported As: 1971 PTD 1054 Result: appeal succeeded JUDGMENT JUDGMENT T. P. MUKERJEE, J.---The question referred to this Court under section 66(1) of the Income-tax Act, 1922 (hereinafter referred to as the Act), relates to the taxability of the sum of Rs. 4,042 as the income of the applicant for the assessment year 1959-60. The facts of the case agreed to by both the parties as set out in the statement of the case submitted by the Appellate Tribunal are as follows. The applicant, Messrs Upper India Sugar Exchange Ltd., Kanpur (hereinafter referred to as the assessee or the Exchange), is a public limited company. It manages the business of forward transactions of its constituent members in sugar, etc. Such transactions are carried on through the agency of approved brokers who are registered with the Exchange. The members are not permitted to deal directly with one another in such transactions. For the services rendered the assessee charges from the members commission at prescribed rates. The assessee also realises from its constituents brokerage "for and on behalf of the brokers" besides a small amount as contribution towards dharmada or charitable purposes. The rates are specified in Bye--law 130 of the assessee-Exchange which runs as…

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