Shib Banerjee Properties And ... vs Commissioner Of Income-Tax on 26 February, 1976
In our opinion, the law on the subject has been correctly laid down by their Lordships of the Madras High Court in the case of CIT v. Mettu-palayam Coonoor Service (P.) Ltd. [1975] 99 ITR 49 in the following terms (p. 52):