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TMI Blog1967 (6) TMI 4X X X X Extracts X X X X X X X X Extracts X X X X ..... ibunal has referred the following question for the opinion of this court, viz. : " Whether the income of the assessee-company is exempt from tax ? " This question arose in the following circumstances : The assesse, which is a public limited company, has amongst its objects : (a) to enable the shareholders to save money; (b) to enable persons with limited capital to make safe investment at rea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ins, for purposes of the Income-tax Act. The Income-tax Officer rejected the claim of the assessee on the grounds : firstly, that as the assessee was a public limited company, it was a separate and distinct juristic entity independent of the shareholders constituting it, and, secondly, that the members who contributed to the profits and the members who participated in the distribution of the profi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d Ltd. By the time of the Tribunal's order an appeal was pending in the Supreme Court against the decision of the Madras High Court in Kumbakonam Mutual Benefit Fund Ltd. v. Commissioner of Income-tax. Their Lordships of the Supreme Court in Commissioner of Income-tax v. Kumbakonam Mutual Benefit Fund Ltd. reversed that decision, on the ground that there was no such complete identity between the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is decision applies with equal force to the facts and circumstances of this case, where, as observed by the Income-tax Officer, the members who contributed to the profits and the participants in the distribution of profits are not identical and there is no question of mutuality. In this view, our answer to the question is in the negative and in favour of the department. But, having regard to the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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