1945 (8) TMI 10

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..... This is a reference under Section 66 (1) of the Indian Income-tax Act asking the opinion of the Court upon the following question:- "Whether in the circumstances of the case and on the finding of the fact arrived at by the Tribunal, it can be said that the remuneration of Rs. 9,250 received by the director could be said to be the income of the family". It is necessary to state the....

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....uld have been different, but these are received from the private limited company owned by the two families, and, therefore, the sums received by them cannot be viewed in any other aspect than the income of the joint family. The Appellate Tribunal by its order dated the 27th July, 1943, accepted the contention of the assessee and held: "The income arising out of the assets of the family is only ....

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....ere placed at their disposal. He, therefore, argued that this was a case where the income of the directors arose from the aid of the joint family funds and must in law be treated as the income of the joint Hindu family. I am unable to agree with this contention. The joint family property has not been spent in this case in earning the remuneration of the directors. The dividends that were earned on....