- (1.) THE following question of law has been referred for our opinion by the Income Tax Appellate Tribunal, Delhi Bench
(2.) WHETHER , on the facts and in the circumstances of the case, the Tribunal was correct in law in holding that the provisions of Sec. 34(1)(a) were rightly invoked ?
(3.) THE assessee is an individual. The assessment year is 1954 -55. The previous year ended on 31st March, 1954. The assessee was assessed on 31st March, 1959, under Sec. 23(3) of the Income Tax Act, 1922, on a total income of Rs. 99,475, which included Rs. 48,802 as income from other sources. This assessment was not accepted by the assessee and ultimately his total income was determined at Rs. 14,597. The building, machinery and furniture of the cold storage were sold by the assessee on 8th December, 1953, to a partnership firm known as Messrs. Karnal Cold Storage in which the assessee became a partner with a half share. The assessment order (dated March 31, 1959), in the assessees case did not disclose that the Income Tax Officer had taken into account any surplus arising from the sale of building, machinery and furniture in the total income of the assessee by virtue of the proviso to Sec. 10(2)(vii).;