Das, C. J. - (1.) This is an appeal filed with Special Leave granted by this Court on 18-5-1954, questioning the correctness of the judgment and order of the High Court of Punjab dated 25-6-1953 delivered in an application under 66 (2), Indian Income-tax. Act, 1922, whereby the High Court dismissed the appellant's application on the ground that no question of law arose from the order of the Income-tax Appellate Tribunal dated 4-11-1949.
(2.) The facts are shortly as follows:-
(3.) The appellant, who is a resident of Simla, is a forest contractor and had taken certain forest on lease in 1942-43 in the erstwhile Indian State of Jubhal for exploitation. The work of felling of trees and extraction of timber continued up to 1945-46. No profit or loss account had been prepared for each of the aforesaid four years separately, but a consolidated balance-sheet and profit and loss account had been drawn up for all the four years. In the appellant's income-tax returns, the income for the forest business was calculated and shown by applying the rate of ten per cent. net on the sales made in the relevant years.;