1953 (10) TMI 8

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..... , J.--This appeal relates to the assessment year 1943-44. The firm was entitled to Rs. 2,20,702 as its commission, but it is common ground that the firm did not draw this amount. It is, however, not disputed that the amount was credited to the firm in the accounts. The Income-tax Officer treated the amount as income accrued and received by the firm and held it taxable. In appeal before the Appella .....

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..... iew was upheld by the Tribunal. Two questions were referred by the Tribunal to the High Court, firstly whether this whole amount was assessable and secondly whether the firm was entitled to exemption of the sum of Rs. 81,023. Upon the first question both the learned Judges agreed that the sum of Rs. 2,20,702 was rightly assessed to tax, in that there was nothing to prevent the firm from drawing th .....

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