Judgment

SIKRI, J. : This is an appeal by certificate of the High Court of Calcutta against its judgment in a reference made to it under S. 66 (1) of the Indian Income-tax Act, 1922 (hereinafter referred to as the Act). The question referred to by the Appellate Tribunal was:

Whether, in the case of the assessee, an investment company, its dividend income is part of its profits and gains chargeable to tax under S. 10 of the Indian Income-tax Act, 1922?"

2. In the Statement of the Case, dated December 3, 1953, the Appellate Tribunal gave the following facts: The appellant, Bengal and Assam Investors Ltd., hereinafter referred to as the assessee, was incorporated on january 30, 1947, and commenced business on March 19,1947. According to its memorandum of association, the company s objects are:

"3. The objects for which the Company is established are(and it is expressly declared that the several sub-clauses of this clause and all the powers thereof are to be cumulative and in no case is the generality of any one sub-clause to be narrowed or restricted by any particularity of any other sub-clause, nor is any general expression in any subclause to be narrowed or restricted by any particulari