Sarkar, J. - (1.) These two appeals arise out of assessments of the appellant to income-tax for the years 1948-49 and 1949-50. The question in these appeals is whether on the facts to be presently stated, the appellant was entitled to relief under S. 25 (4) of the Income Tax Act, 1922.
(2.) The appellant claimed relief under S. 25 (4) contending that it had transferred its business to a limited company with effect either from November 13, 1947 or February 13, 1948, by an instrument executed on February 7, 1948. The claim was rejected by the Income-tax Officer and by the Appellate Assistant Commissioner and also by the Income-tax Appellate Tribunal on appeal to it. The appellant then moved the Tribunal to refer a certain question to the High Court at Madras under S. 66 (1) of the Act but that application was rejected. It then moved the High Court under S. 66 (2) of the Act and the High Court directed the Tribunal to refer the following question for determination by it: "Whether, on the facts and in the circumstances of the case, the assessee is not entitled to relief under Section 25 (4) of the Indian Income Tax Act, and to what extent -
(3.) The Tribunal duly drew up a statement of case and referred the question along with it to the High Court. There were really two references as there were two cases before the Tribunal. These however were heard together by the High Court and disposed of by one judgment. The High Court held that the appellant was not entitled to any relief under S. 25 (4). The present appeals are from the judgment of the High Court.;