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TMI Blog1999 (10) TMI 21X X X X Extracts X X X X X X X X Extracts X X X X ..... nce with the direction of this court under section 256(2) of the Income-tax Act, 1961, referred the following question for the opinion of this court : "Whether, on the facts and in the circumstances of the case, the Tribunal was legally correct in holding that the sum of Rs. 1,15,326 being the dividend on the shares of Swadeshi Cotton Mills Co. Ltd. and a sum of Rs. 15,227 being the tax deducted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e year ending June 30, 1970. The payments of these dividend were restrained in Execution Case No. 38 of 1960 by the First Civil judge, Kanpur. As per facts of the case a decree was obtained against Jaipuria Brothers Ltd. by the receiver of the Estate of Sara Bhai Jai Singh Bhai. Jaipuria Brothers Ltd. owned shares of Swadeshi Cotton Mills Ltd. The assessee-trust had purchased the shares of Swadesh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The assessee had credited this amount as income in the books of account and it was included in the returned income. Subsequently a revised return was filed in which this amount was excluded on the plea that because of the restraint order of the court in Execution Case No. 38 of 1960 the assessee had no right to receive the amount during the year under consideration and, therefore, this amount coul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Bhai against Jaipuria Brothers Limited and the court by an interim order dated September 29, 1967, had restrained Swadeshi Cotton Mills Ltd. from paying dividends on the said shares to any one till further orders. The restraint order continued till May 26, 1972. Thus, during the year under consideration, i.e., the accounting year ending June 30, 1970, the petitioner's right to receive dividends wa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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