Dipak Kumar Sen, J. - (1.) This reference under Section 256(1) of the I. T. Act, 1961, arises out of the income-tax assessment of Tinsukia Development Corporation Ltd., the assessee, in the assessment years 1966-67, 1967-68 and 1968-69.
(2.) The facts found and/or admitted are shortly that the assessee was formed with the objects, inter alia, of acquiring land, developing the same, making constructions thereon and dealing with them. The assessee obtained from the Government of Assam a large area of land for development and construction of bustees under a lease for the period from 1st April, 1934, to 31st March, 1964. After 1964, this lease has been extended by the Government from time to time by notifications. In the assessment years in question, the assessee continued to be a lessee under the said lease.
(3.) The assessee set up bustees on the land, the constructions put up by the assessee therein being structures with no foundations but with light plinth or floors and walls made of planks of unseasoned indigenous wood or corrugated sheets fixed on frames of bamboos or local wood.;