9911796707
TMI Blog1979 (7) TMI 83X X X X Extracts X X X X X X X X Extracts X X X X ..... 57- 58 to 1971-72. The questions referred are : " Whether, in the circumstances of the case and on the finding of the High Court in Criminal Appeal No. 753 of 1960 (Sabir Ali Khan v. State of U.P.) that the property of depositors was obtained by the accused by fraud, the Tribunal was right in treating the property as the property of the company, viz., Rampur Bankers Ltd., and assessed as such ? ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ersy raised : " Whether, in the facts and circumstances of the case, the interest received on deposits made by the District Magistrate was liable to be taxed as income of the Rampur Bankers Ltd. ? " Rampur Bankers was a banking company, but it embarked on a wild scheme by assuring depositors of payment of Rs. 637.50 on a deposit of Rs. 100, the amount being payable in six monthly instalments. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ur", and thereafter in the name of "the Sessions judge", and then again in the name of " the District Magistrate, Rampur ". These deposits made were, however, in the accounts of Rampur Bankers Limited. The interest earned on these deposits were assessed in the various years, and the controversy in the present case is as to whether interest accruing on these deposits could be taxed in the bands of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... relevant provision is in s. 160(1)(iii). By s. 161 the liability of the assessee for tax in respect of income has been created on the representative assessee. Section 166 permits the ITO to make a direct assessment on the person on whose behalf income has been received by the representative assessee. As the District Magistrate had been appointed under orders of this court passed under s. 517 of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d by the bank that the money received by the various depositors becomes their money. The depositors cannot claim any specific amount from the common fund of a bank as representing their deposit. In the present case, as the money had not been returned by the District Magistrate to the various depositors, the amount in deposit remained that of the Rampur Bankers, and the investment made, as also int ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
