Meera and Company vs Commissioner of Income Tax

The following questions were referred :

"(i) Whether, on the facts and in the circumstances of the case, the Tribunal was right, in law, in holding that M/s. Meera & Company is a ''body of individuals'' and is assessable as such ?

(ii) Whether the Tribunal was right in law and on facts of the case in holding that the assessment for assessment years 1968-69, 1969-70 1970-71, should be made u/s 4 read with Section 2(31)(v) treating the assessee as a ''body of individuals'' ?

(iii) "Whether on the facts and circumstances of the case, the Tribunal was justified in law in holding that the income for the period September 16, 1967 to December 31, 1967 (assessment year 1968-69) and for the period June 1, 1969 to June 30, 1969 (assessment year 1970-71) is to be assessed as income of the '' body of individuals '' along with respective assessments ?"

The learned counsel for the parties are agreed that all the three questions stand concluded against the assessee by a decision of the Division Bench of this court in ( Meera and Company Vs. Commissioner of Income Tax, ). Accordingly, all the three questions are answered in the affirmative, that is, against the assessees and in favour of the Revenue. Learned counsel for the assessees, however, urges that the earlier decision is under challenge in the Supreme Court. We are answering the questions not on the concession of the assessees and it would, therefore,: be open to them to challenge this judgment as well.