M. N. RAMAS WAMY IYER(BY HIS LEGAL REPRESENTATIVE) vs COMMISSIONER OF — 1971 PTD 416

Citation: 1971 PTD 416

Court: Kerala High Court

Year: 1970

Decision Date: 1970-12-31

Parties: M. N. RAMAS WAMY IYER(BY HIS LEGAL REPRESENTATIVE) vs COMMISSIONER OF JUDGMENT

Headnotes

Case cited as 1971 PTD 416

Judgment Text

Court Name: Kerala High Court Judge(s): M. U. Isaac, P. Narayan Pillai Title:M. N. RAMAS WAMY IYER(BY HIS LEGAL REPRESENTATIVE) vs COMMISSIONER OF JUDGMENT Reported As: 1971 PTD 416 Result: question in the affirmative Judgment JUDGMENT ISAAC, J.-These two references have been made by the Madras Bench of the Income-tax Appellate Tribunal under section 66(2) of the Indian Income-tax Act, 1922, as directed by this Court on the applications made by the assessee. The assessee is a Hindu undivided family carrying on business of banking and conducting chits. The assessee's accounting year ends on 31st December; and I. T. R. No. 19 of 1967 relates to the assessment year 1958-59, while the other case relates to the year 1959-60. For the assessm ent year 1958-59, the assessee returned a not loss of Rs. 19,302 under business. In arriving at this figure, it made a deduction of Rs. 38,193 by way of interest paid to various parties on loans. This amount included a sum of Rs. 18,525 made up as follows: Rs. 1. Palghat Financing Co. (P.) Ltd. 12,148 2. Palghat Investment Corporation Ltd.1,890 3. Narasimha Bank, Alathur 4,487 For the assessm ent year 1959-60, the assessee returned a not loss of Rs. 1,890 under business. The deductions made by the assessee in arriving at the above amount consisted of a sum of Rs. 17,514. This represented interest paid on loans to the following parties: Rs. 1. Palghat Financing Co. (P) Ltd. 10,080 2. Palghat Investment Corporation Ltd.1,995 --- ## Page 2…

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