HINDUSTAN COMMERCIAL BANK LIMITED Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THIS is a reference under section 66(1) of the Income-tax Act. The question which has been referred to this court for opinion is :

(2.) THE reference relates to the assessment years, 1946-47 and 1947-48, relevant to the previous years, the calendar years 1945 and 1946 for purposes of income-tax assessment and the chargeable accounting period, April 1, 1946, to December 31, 1946, for corresponding to the assessment year 1947-48, for purposes of business profits tax assessments.

(3.) THE requirements of this provision may be paraphrased as follows :