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(1964) 1 MLJ 325 (Mad)
IN THE HIGH COURT OF JUDICATURE AT MADRAS
Present : Mr. S. Ramachandra Ayyar, Cheif Justice, and Mr. Justice K.S.Venkataraman
Case Number(s) : S.A. No. 1573 of 1960.
Judgement Date :
Thursday 02nd of May 1963
| Barjor Hoshangji Vakil and Others | .....Appellant(s) | | Versus | | | The Mettur Chemical and Industrial Corporation Ltd | .....Respondent(s) |
Income-tax Act (XI of 1922), sections 16 (2), 81 (5) and 49-B. — Company and shareholder — Scheme of income-tax — Tax-free dividend — Preference shareholder — Tax liability of company on dividends — Whether as agent or trustee of shareholder — Company not liable to pay tax on account of losses and depreciation set-off — Tax payable on distributed dividend — Claim by shareholder as incident of tax-free dividend — Whether sustainable.
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