P.M. MOHAMMED MEERAKHAN vs COMMISSIONER OF INCOME-TAX, KERALA — 1990 PTD 591

Citation: 1990 PTD 591

Court: Supreme Court of India

Year: 1969

Decision Date: 1969-02-12

Parties: P.M. MOHAMMED MEERAKHAN vs COMMISSIONER OF INCOME-TAX, KERALA

Headnotes

Case cited as 1990 PTD 591

Judgment Text

Court Name: Supreme Court of India Judge(s): V. Ramaswa mi, A. N. Grover, J. C. Shah Title: P.M. MOHAMMED MEERAKHAN vs COMMISSIONER OF INCOME-TAX, KERALA Case No.: Civil Appeal No. 1230 of 1967 Date of Judgment:1969-02-12 Reported As: 1990 PTD 591 Result: Appeal dismissed JUDGMENT JUDGMENT V. RAMASWAMI, J.--In this case the appellant (hereinafter called the assessee) was assessed for the assessm ent year 1956-57 on a total income of Rs. 8,400. The Income-tax Officer later on came to know that the assessee's income from the sale of estates had escaped assessment. The Income-tax Officer took action under section 34(1)(a) of the Income-tax Act, 1922 (hereinafter called the Act), for the assessm ent year 1956-57 on 13th August, 1959. Under an agreement dated 18th May, 1955, a company called Mundakayam Valley Rubber Co. Ltd. Sold and delivered an estate called Kuttikal Estate to one Mr. A.V. George. The area of the estate was 477 acres and 7.1 cents. Mr. A.V. George had entered into the agreement in his own name and on behalf of another company called the Kailas Rubber Co. Ltd. It was agreed that the vendor would execute the necessary conveyance in favour of Mr. A.V. George or his nominees. On 15th August, 1955, the assessee entered into an agreement with Mr. A.V. George whereby the assessee agreed to purchase 447.71 acres forming hart of Kuttikal Estate for Rs. 6 lakhs. An advance of Rs. 11,000 was pair: by the assessee. The balance of Rs. 5,89,000 was to be paid by the…

Read the full judgment on Al Wakeelo — Pakistan's AI-powered legal research platform.