LAXMIDAS & Co. vs COMMISSIONER OF INCOME-TAX, BOMBAY — 1971 PTD 579

Citation: 1971 PTD 579

Court: Bombay High Court

Year: 1968

Decision Date: 1968-11-14

Parties: LAXMIDAS & Co. vs COMMISSIONER OF INCOME-TAX, BOMBAY

Headnotes

Case cited as 1971 PTD 579

Judgment Text

Court Name: Bombay High Court Judge(s): V. S. Desai, S. P. Kotwal Title: LAXMIDAS & Co. vs COMMISSIONER OF INCOME-TAX, BOMBAY Case No.: Income-tax Reference No. 50 of 1962 Date of Judgment:1968-11-14 Reported As: 1971 PTD 579 Result: answered in the affirmative JUDGMENT JUDGMENT V. S. DESAI, J.-This reference arises out of the reassess--ment made upon the assessee-firm for the assessm ent year 1948-49, the previous year for which was the S. Y. 2003 from 25th October 1946, to the 12th November 1947. At the material time the assessee was a partnership firm consisting of three equal partners. One of the partners died subsequently in S. Y. 2005 and the firm was dissolved on his death. The original assessm ent was completed by the Income--tax Officer on the 24th April 1950, which was after the dissolution of the firm. The total income was determined at Rs.3,600. The application under section 26-A made by the assessee was granted and its registration was renewed for the assessment year in question. Subsequently, the Income-tax Officer received information that the assessee-firm had received a sum of Rs. 1,75,000 by telegraphic transfer from Nandlal Bhandari Mills Ltd., Indore, on the 3rd June 1947. The preliminary enquiry made by the income-tax Officer on receipt of this information showed that the said amount represented a part of the total sale proceeds of Rs. 1,76,444 in respect of 826 bales of cotton sold by the assessee-- firm to the Nandlal Bhandari Mills Ltd., and R.I…

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