P. P. KURIAKOSE AND P. P. VARGHESE vs COMMISSIONER OF INCOME-TAX, — 1971 PTD 298

Citation: 1971 PTD 298

Court: Kerala High Court

Year: 1970

Decision Date: 1970-12-31

Parties: P. P. KURIAKOSE AND P. P. VARGHESE vs COMMISSIONER OF INCOME-TAX, JUDGMENT

Headnotes

Case cited as 1971 PTD 298

Judgment Text

Court Name: Kerala High Court Judge(s): M. U. Isaac, P. Narayan Pillai Title:P. P. KURIAKOSE AND P. P. VARGHESE vs COMMISSIONER OF INCOME-TAX, JUDGMENT Reported As: 1971 PTD 298 Result: reference made Judgment JUDGMENT ISAAC, J.-This is a reference made by the Income-tax Appellate Tribunal, Madras Bench, under section 66(2) of the Indian Income-tax Act, 1922, as directed by this Court on the application of the assessee. The question referred is: "Whether, on the facts and in the circumstances of the case, the assessee-firm is entitled to renewal of registration under section 26-A of the Indian Income-tax Act, 1922?" This reference relates to the assessment year 1959-60 ; and the previous year is the one which ended on 31-12-1133, M.E. The assessee is a partnership firm consisting of two partners, P. P. Kuriakose and P. P. Varghese, constituted under a deed dated March 7, 1953. It carries on business in provisions, rice and handloom goods. It was also conducting a wholesale ration shop for which the licence was in the name of Kuriakose, and a retail ration shop for which the licence was in the name of Varghese. During the accounting year 1133 M.E., the profits from its business excluding the ration shop amounted to Rs. 9,548. This amount was credited equally in the names of the two partners in the books of accounts of the firm. There was a profit of Rs. 2,182 in the wholesale ration shop ; and this was credited in the name of Kuriakose. The profit in the retail ration shop…

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