Kundanmul Jain vs Narayanganj Company (Private) Limited and Khorgsingh Jain — 1971 PTD 175

Citation: 1971 PTD 175

Court: Supreme Court of Pakistan

Year: 1970

Decision Date: 1970-12-31

Headnotes

Case cited as 1971 PTD 175

Judgment Text

Court Name: Supreme Court of Pakistan Judge(s):Salahuddin Ahmad, Waheeduddin Ahmad, Hamoodur Rahman, Sajjad JUDGMENT Reported As: 1971 PTD 175 Result: Appeal dismissed Judgment JUDGMENT MUHAMMAD YAQUB ALI, J.-This appeal by special leave of this Court arises from the order of a Division Bench of the High Court of East Pakistan made under Article 98 of the Constitution in an income-tax matter. The admitted facts briefly are that Messrs Narayanganj Company (Private) Limited, respondent and two others, namely. Kundanmul Jain and Khorgsingh Jain, entered into an agreement evidenced by an instrument dated the 23rd October 1957, for a joint venture which remained in force for a period of 9 months from the 1st September 1957 to the 31st May 1958. The enterprise earned a profit of Rs. 2,29,140 out of which one half was retained by the respondent-company and the other half in equal parts was shared by the associates. All the three members of association showed their respective shares of profit in their returns for the account year 1958-59. The respondent-company filed its return in Companies Circle I, and ft others filed their returns its the Investigation Circle III, Dada. The profit from the joint venture was taken into account in their respective assessments by Income-tax Officers having jurisdiction over their cases. The income of the Association as such was, however, not separately charged to tax. Kundanmul Jain filed his original return for the year 1959-60 on the 15th…

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