Judgement

S. K. DAS, J. : These three appeals, with special leave of this Court, have been heard together. They arise out of three Income-tax References made to the high Court of Bombay, namely, Income-tax Reference No. 29 of 1957, Income-tax Reference No. 37 of 1957 and Income-tax Reference No. 37 of 1957. The facts are similar in the three cases and the question of law which the High Court had to answer was the same in each of the cases. The High Court gave its answer in its leading judgment in Income-tax Reference No. 29 of 1957, and the other two References were disposed of in accordance with that answer. For the purposes of these appeals, it would be enough if we state the facts of Reference No. 29 and then indicate the question which arose for decision and the answer which the High Court gave to it.

2. One Nana Lal Haridas was the karta of a Hindu undivided family which admittedly was the beneficiary of 1842 shares in a company called the Cotton Export and Import Limited (hereinafter referred to as the Company). The shares were held in the names of different members of the family as given below :

No. of shares Name or names in which they stand.

877 Tribhuvandas Haridas

815 Nana