Dipak Kumar Sen, J. - (1.) This reference, at the instance of the Commissioner of Income-tax, West Bengal-I, arises out of the income-tax assessments of Messrs. Karam Chand Thapar & Bros. (Coal Sales) Ltd., Calcutta, in the assessment years 1953-54 and 1956-57 to 1962-63, the corresponding previous years being the financial years ending on the 31st March preceding the assessment years concerned.
(2.) The facts found and/or admitted are in short as follows. The assessee carries on business as middlemen and arranges sales of coal from various collieries to the consumers. They act as del credere agents on behalf of various collieries.
(3.) The controversy in this case relates to an item in the account of the assessee shown as "under-charge", the question being whether the same are trading receipts in the hands of the assessee.;