Bhagabati Prasad Banerjee, J. - (1.) The Tribunal has referred the following question of law to this court under Section 256(1) of the Income-tax Act, 1961 : " Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in holding that income from vacant lands at Howrah was assessable in the hands of the company even though the legal ownership therein vested in the individual members of the family "
(2.) The assessment years involved are 1970-71, 1971-72, 1976-77 and 1977-78 for which the relevant accounting periods ended on December 31, 1969, December 31, 1970, December 31, 1975, and December 31, 1976, respectively.
(3.) The facts of the case as they appear from the statement of case are as follows :;