1970 (12) TMI 26

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....y operating on Faridkot to Ablu, Kotkapura to Bhagta and Bhatinda to Kotkapura routes. In the financial year 1953-54 it purchased 1,543 shares of Rs. 100 each of M/s. Janta Transport Co. Ltd., for Rs. 1,01,654 with a view to eliminate competition as that company was also operating on the said routes. The purchase of the shares of M/s. Janta Transport Co. Ltd. enabled the assessee to appoint two of....

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....that decision the assessee-company filed an application under section 66(1) of the Income-tax Act, 1922, which was allowed by the Tribunal and the following question of law along with the statement of the case has been referred to this court for opinion : " Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in holding that the loss of Rs. 32,278 arising o....

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....-company and M/s. Janta Transport Co. Ltd., and managing that the latter company would not object to the grant of route permits to the assessee-company ; (ii) by working and operating on the route permits of M/s. Janta Transport Company Ltd., and (iii) by sharing the income of M/s. Janta Transport Co. Ltd. in proportion to the number of share purchased by the company. In either case the assessee-c....