Mitter, J. - (1.) The question referred to this Court under section 66 (1) of the Act is: "Whether on the facts and in the circumstances of the case, the sum of Rs. 43,925/-received by the assessee represented business income arising under Section 10 from an adventure in the nature of trade or it was dividend within the meaning of Section 12 of the Income-tax Act?"
(2.) In his application to the Appellate Tribunal for reference to this Court the assessee posed no less than four questions the last of which was: "Whether in the facts and circumstances of the case the assessee had purchased the arrears of dividend? If so, whether the said sum of Rs. 43,925/- could at all be assessed either as dividend or as profit?"
(3.) The question referred might lead one to think that the assessee did not dispute the taxability of the sum of Rs. 43,925/- and that the point at issue was whether the receipt would fall under Section 10 or under Section 12. This however would not accurately describe the stand taken by the assessee as it has throughout contended that the amount was not income at all and could not be taxed.;