MAHALAKSHMI MILLS COMPANY LIMITED Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE Income-tax Appellate Tribunal, Delhi Bench "A" (hereinafter called "the Tribunal"), has made this reference under Section 66(1) of the Income-tax Act, 1922 (hereinafter called "the Act").

(2.) THE Mahalakshmi Mills Co. Ltd., the assessee in the case, is a limited company established in accordance with and subject to the provisions of Indian Companies Act, 1913. It carried on business of manufacturing cotton textiles at Beawar. Article 75 of the articles of association of this company provided for the appointment of agents, secretaries, treasurers, chairman and managing director and for their remuneration. It runs as follows :