M/S. MEERA COMPANY,LUDHIANA vs THE COMMISSIONER OF INCOME TAX,PUNJAB, J&K AND CHANDIGARH,P

The Supreme Court addressed the assessment of income tax for the years 1963-64 to 1967-68 concerning the business 'Meera & Co.' following the death of its owner, Shri Prem Narain. The Court held that the business was assessable as a 'body of individuals' under Section 2(31)(v) and Section 4 of the Income Tax Act, rejecting the claim that income should be divided equally among the legal heirs. The ruling affirmed the High Court's decision, emphasizing the continuity of the business as a single unit under the widow's management.