NATIONAL TRADING COMPANY vs COMMISSIONER OF INCOME-TAX, WEST — 1972 PTD 1

Citation: 1972 PTD 1

Court: Calcutta High Court

Year: 1971

Decision Date: 1971-12-31

Parties: NATIONAL TRADING COMPANY vs COMMISSIONER OF INCOME-TAX, WEST JUDGMENT

Headnotes

Case cited as 1972 PTD 1

Judgment Text

Court Name: Calcutta High Court Judge(s): B. N. Banerjee, K. L. Roy Title:NATIONAL TRADING COMPANY vs COMMISSIONER OF INCOME-TAX, WEST JUDGMENT Reported As: 1972 PTD 1 Result: N/A Judgment JUDGMENT BANERJEE, J.------This reference, under section 66(1) of the Indian Income-tax Act, 1922, has been made in the circumstances hereinafter related. The year of assessm ent, with which we are concerned, is 1958-59, the corresponding accounting year being the calender car ending with December 31, 1957. The assessee is a firm of 11 partners, constituted by a deed of partnership, dated May 14, 1956. Out of the 11 partners, 9 were minors when the deed was executed. Of the minors, Ratish Kumar Agarwalla (party of the fourth part in the deed of partnership) attained majority during the relevant year of account-Registration Registration under section 26-A of the Indian Income-tax Act had been accorded to the assessee-firm on the basis of the partnership deed, dated May 14, 1956, for the assessm ent year 1957-58, which was the first year of the business. When renewal of this registration was asked for, in the assessment year 1958-59, the prayer was refused by the Income- tax Officer. The order of the Income-tax Officer was confirmed by the Appellate Assistant Commissioner, on appeal by the assessee. Thereupon, the assessee took a second appeal before the Appellate Tribunal. At the time when the application for renewal of registration as refused by the Income-tax Officer and the said order…

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