RAM NARAIN & BROTHERS vs COMMISSIONER OF INCOME-TAX, U. P. — 1972 PTD 340

Citation: 1972 PTD 340

Court: Allahabad High Court

Year: 1969

Decision Date: 1969-02-20

Parties: RAM NARAIN & BROTHERS vs COMMISSIONER OF INCOME-TAX, U. P.

Headnotes

Case cited as 1972 PTD 340

Judgment Text

Court Name: Allahabad High Court Judge(s): Jagdish Sahai, T. P. Mukherjee Title: RAM NARAIN & BROTHERS vs COMMISSIONER OF INCOME-TAX, U. P. Case No.: Income-tax Reference No. 57 of 1964 Date of Judgment:1969-02-20 Reported As: 1972 PTD 340 Result: Question answered in the negative JUDGMENT JUDGMENT T. P. MUKERJEE, J.------This reference under section 66(1) of the Indian Income-tax Act, 1922 (hereinafter referred to as the Act), raises certain important questions of law on which there have been no authoritative pronouncements so far. The applicant in this case is the firm styled as M/s. Ram Narain & Brothers of Lucknow, which was constituted under a deed of partnership dated June 18, 1953. It was accorded registration under section 26-A of the Act during all relevant years. There were seven partners including one Sri Ram Narain Their shares, which are unequal, are mentioned in clause (iv) of the deed of partnership. The business of the partnership was that of a dealer in iron and hardware goods. On October 14, 1954, the firm purchased a property consisting of certain leas, hold rights in plots Nos. 90, 91 and 92 in an industrial area of Lucknow. Together with the superstructure standing thereon including a lime mill, a godown, quarters and outhouses, etc. For a sum of Rs. 27,000. In the sale deed of the said date, registered on October 16, 1954, the purchasers are shown as M/s. Ram Narain & Brothers through Sri Ram Narain, son of Hari Ram, a partner of the said firm,…

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