L. VE. VAIRAVAN CHETTIAR vs COMMISSIONER OF INCOME-TAX, MADRAS — 1971 PTD 653

Citation: 1971 PTD 653

Court: Madras High Court

Year: 1965

Decision Date: 1965-04-09

Parties: L. VE. VAIRAVAN CHETTIAR vs COMMISSIONER OF INCOME-TAX, MADRAS

Headnotes

Case cited as 1971 PTD 653

Judgment Text

Court Name: Madras High Court Judge(s): Venkatadri, Srinivasan Title: L. VE. VAIRAVAN CHETTIAR vs COMMISSIONER OF INCOME-TAX, MADRAS Case No.: Case No. 161 of 1962 Date of Judgment:1965-04-09 Reported As: 1971 PTD 653 Result: N/A JUDGMENT JUDGMENT VENKATADRI, J.---This reference under section 66(2) of the Income-tax Act arises out of the proceedings for the assessm ent year 1955-56 (accounting year ended March 31, 1955). The assessee, L. VE. Vairavan Chettiar, was originally a partner in one M. VE. Firm which was carrying on business at Madurai, one in rice mill and the other in arecanuts. The said firm was dissolved on April 12, 1949. Thereafter, the assessee became the sole proprietor of the two businesses. For the sake of convenience, the assessee maintained separate sets of accounts for the two businesses connected through a current account but these two lines of the assessee's trading activitie3 were inter-related and inter-connected with unity of control and common funds. In respect of the assessm ent year, the assessee claimed a not loss of Rs. 14,059 from his trade in arecanuts, which he had temporarily suspended in the year of account on account of unfavourable market conditions due to increase of import duty on arecanuts. In support of its claim, the assessee filed a profit and loss account showing the details of the loss claimed by him and also produced the account books as well as the unused import licence for arecanuts obtained by him. The Income-tax Officer,…

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