COMMISSIONER OF INCOME-TAX, MADRAS vs K. RATHNAM NADAR — 1971 PTD 982

Citation: 1971 PTD 982

Court: Madras High Court

Year: 1970

Decision Date: 1970-12-31

Parties: COMMISSIONER OF INCOME-TAX, MADRAS vs K. RATHNAM NADAR

Headnotes

Case cited as 1971 PTD 982

Judgment Text

Court Name: Madras High Court Judge(s): A. Alagiriswa mi, K. Veeraswa mi Title: COMMISSIONER OF INCOME-TAX, MADRAS vs K. RATHNAM NADAR Case No.:I. T. R. No. 20 of 1950 Cases Nos. 67 of 1965 and 34 of 1967 (References Nos. JUDGMENT Reported As: 1971 PTD 982 Result: order made Judgment JUDGMENT VEERASWAMI, J.---Three questions have been referred for decision under section 66(1) of the Indian Income-tax Act, 1922, two of them at the instance of the revenue, and one at the instance of the assessee. The questions referred at the instance of the revenue are: "(1) Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that the sum of Rs. 65,898 should not be assessed in 1960-61 as capital gains. (2) Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in holding that the assessee was entitled to the benefit of the substitution of the fair market price of the goodwill as on January 1, 1954?" And the question referred at the instance of the assessee is: "Whether there was any capital gains at all in respect of goodwill liable for assessment in relation to the facts of the case pertaining to section 12-B of the Indian Income-tax Act, 1922?" The reference at the instance of the revenue was made by the Tribunal; but the Tribunal having refused to refer the question wanted to be referred by the assessee, he applied to this Court in T. C. P. No. 56 of 1965 under section 66(2). This Court…

Read the full judgment on Al Wakeelo — Pakistan's AI-powered legal research platform.