1942 (10) TMI 10

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....rinivasan JUDGMENT The assessee carried on a money-lending business in Rangoon in partnership with the S. P. K. A. firm. The firm composed of the assessee and the S. P. K. A. firm was known as the S. P. K. A. A. M. firm. On the 14th March 1929, the S. P. K. A. A. M. firm and another Chettiar firm carrying on business in Rangoon, styled the O. N. R. M. M. firm, entered into a lease of a build....

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....the term of the lease was to be cancelled and the lessees were to pay to him the sum of Rs. 1,98,650 by way of rent, compensation and damages. Each of the sub-lessees had agreed to pay a proportion of the rent and to reimburse and indemnify the lessees in respect of any liability arising under the lease. The S. P. K. A. A. M. firm paid the landlord the Rs. 1,98,650 between January 1935 and June 19....

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.... the amount of profits for that year. The assessee objected and asked the Commissioner of Income-tax to state a case. He refused to do so, but was directed by this Court to make this reference under Section 66(3) of the Indian Income- tax Act. The question referred reads as follows:- "Whether the petitioner was not entitled on the facts and in the circumstances of the case to claim a dedu....