Judgment

HEGDE, J. :- In this appeal by certificate brought by the Commissioner of Income-tax, Nagpur, two questions arise for consideration. They are :

(1) What is the "previous year" in respect of the source of income, viz., managing agency and selling agency and financing of the Binod Mills Limited, Ujjain, for the purpose of assessment for the assessment year 1950-51 - whether the year ended 31-3-1950 or the year ended Diwali, 1949? and (2) Whether for the purpose of bringing to tax the dividend income of the assessee for the assessment year 1950-51 and having regard to the provisions of Part B States (Taxation Concessions) Order, 1950 (in short Order ), the dividend income say of Rs. 34,468/- (gross Rs. 50,137/-) as well as the dividend income of Rs. 2,28,392/- should be subjected to tax at the concessional rates mentioned in the Schedule to the Order as held by the High Court.

2. The assessee is a Hindu Undivided Family with its Head Office at Indore and branches at several other places in some of the former B States including the State of Madhya Bharat. It derived its income from several sources such as property, businesses, managing agency commission, shares in partnership