N. SUNDARESWARAN vs COMMISSIONER OF INCOME-TALC, KERALA — 1971 PTD 839

Citation: 1971 PTD 839

Court: Kerala High Court

Year: 1971

Decision Date: 1971-09-09

Parties: N. SUNDARESWARAN vs COMMISSIONER OF INCOME-TALC, KERALA

Headnotes

Case cited as 1971 PTD 839

Judgment Text

Court Name: Kerala High Court Judge(s): M. U. Isaac, P. Narayan Pillai Title: N. SUNDARESWARAN vs COMMISSIONER OF INCOME-TALC, KERALA Case No.: Cases Nos. 39 and 40 of 1967 Date of Judgment:1971-09-09 Reported As: 1971 PTD 839 Result: cases in the negative JUDGMENT JUDGMENT ISAAC, J.------These two references have been made by the Madras Bench of the Income-tax Appellate Tribunal under sec--petition 66(2) of the Indian Income-tax Act, 1922, as directed by this Court on the applications made by the assessee. These cases relate to the assessment years 1960-61 and 196.1-62. The questions referred in the first case are: "(1) Whether, on the facts and in the circumstances of the case, the inferences of the Tribunal that Vijayamohan Metal Printers owned by the assessee, his wife and minor children has nothing to do with the business of the assessee and that the interest incurred by the assessee for raising loan for the purpose of the said business is not an allowable item of expenditure in computing the income of the assessee were justified ? (2) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in inferring that out of the total loan raised during the accounting year, the sum of Rs. 1,32,081 could not be considered as for the purpose of his business, that it could only be in respect of the debit balance in the profit and loss account and that the assessee is not entitled to claim as a business expenditure the interest due on the said…

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