Judgement

SHAH, J.: The appellant which is a Hindu undivided family was the registered holder of 1500 shares of M/s Govan Bros. (Rampur) Ltd. in the year of account October 1, 1950 to September 30, 1951. Pursuant to a resolution passed by the board of directors of M/s. Govan Bros. (Rampur) Ltd. - hereinafter called Govan Bros . - at a meeting held on August 30, 1950, the appellant received a dividend warrant dated December 28, 1950 for Rs. 4,12,500/- being interim dividend in respect of its shareholding in Govan Bros. This amount was brought to tax with the other income of the appellant in the assessment year 1952-53 by the Revenue authorities, after rejecting the objection of the appellant that it represented income for the assessment year 1951-52.

2. At the instance of the appellant the Appellate Tribunal drew up a statement of the case and referred the question set out herein below to the High Court of Punjab under S. 66 (1) of the Indian Income-tax Act:

"Whether on a true interpretation of Article 95 of the First Schedule to the Indian Companies Act, 1913, the dividend of Rs. 4,12,500/- was liable to be included in the assessment year 1952-53."

The High Court recorded an answer to