ASKARAN KISSENLAL vs COMMISSIONER OF INCOME-TAX, WEST BENGAL — 1972 PTD 517

Citation: 1972 PTD 517

Court: Calcutta High Court

Year: 1967

Decision Date: 1967-07-11

Parties: ASKARAN KISSENLAL vs COMMISSIONER OF INCOME-TAX, WEST BENGAL

Headnotes

Case cited as 1972 PTD 517

Judgment Text

Court Name: Calcutta High Court Judge(s): B. N. Banerjee, K. L. Roy Title: ASKARAN KISSENLAL vs COMMISSIONER OF INCOME-TAX, WEST BENGAL Case No.: Income-tax Reference No. 43 of 1962 Date of Judgment:1967-07-11 Reported As: 1972 PTD 517 Result: answered in the affirmative JUDGMENT JUDGMENT K. L. ROY, J.-This reference under section 66(1) of the Income-tax Act, 1922 (hereinafter referred to as the Act), arises out of the following facts: A firm in the name and style of Askaran Kissanlal was doing business in jute from the year 1946. There were originally three partners in the firm, namely, (1) Askaran Bothra, (2) Hansraj Bothra and (3) Mulchand Bothra. Thefirm was reconstituted under a deed of partnership dated the 3 April 1952, whereby (1) Hiralal Jain, (2) Hulaschand Jain and (3) Bhowarilal Kissenlal, a Hindu undivided family consisting of Bhowarilal and Kissenlal with Bhowarilal as the karta, were admitted as partners as from the 3rd April 1952. Bhowarilal and Kissenlal were the two sons of the original partner, Mulchand, who had other sons, and at the time of the execution of the deed, Kissenlal was a minor. Hiralal and Hulaschand were not related to the original partners and they introduced Rs. 1,41,500 and Rs. 1,44,145 respectively as their capital in the business. The aforesaid deed recited, inter alia, that the parties of the first, second and third parts (the original partners) consented for the extension of business and capital, and admitted (1) Bhowarilal…

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