1951 (9) TMI 47

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..... The Income-tax Appellate Tribunal, Madras Bench, have referred to us for decision under Section 66 of the Income-tax Act the following question:- "Whether on the facts and in the circumstances of the case, the payment of ₹ 1,14,000 by the assessee for the purchase of interest of Palaniappa Chettiar in the managing agency firm of Bhagyalakshmi and Co., was properly treated as capital .....

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..... xpenditure. This contention was negatived by the Revenue Authorities and at his instance the question stated above was referred to us. On the facts as stated above the answer that we should give to the question does not admit of any serious doubt. It is not a case where any fresh capital was put into the partnership with a view to increase its profits. The assessee purchased for his exclusive ben .....

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