1978 (2) TMI 22

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....following question has been referred at the instance of the revenue : " Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that there were no accumulated profits of the company as on April 1, 1960 and no amount could be brought to tax under the provisions of section 2(6A)(e) of the Indian Income-tax Act, 1922 ? " It is admitted that the loan ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....on of this court in G. Ramaswamy Naidu v. CIT [1972] 86 ITR 768, wherein it has been held that development rebate reserve will also be accumulated profit, that question does not arise for consideration in view of our answer to the latter part of the question referred. We, therefore, do not propose to answer the first part of the question, as it is academic. So, we hold that the four HUFs, who are ....