BHARAT STORES LTD Vs. COMMISSIONER OF INCOME TAX LUCKNOW

JUDGEMENT

(1.) THIS is a reference made by the Income-tax Appellate Tribunal (Delhi Bench) - hereinafter referred to as "the Tribunal" - to this court under the provisions of section 66(2) of the Income-tax Act (hereinafter referred to as "the Act").

(2.) THE reference has been made at the instance of the assessee, Bharat Stores Ltd. Agra (hereinafter referred to as "the assessee"). This case relates to the assessment made in the year 1947-48, the relevant previous year being the one ending on June 30, 1946. The statement of the case shows that the assessee, which is a registered company incorporated under the Indian Companies Act, carries on the business of purchase and sale of buildings and machinery and keeps its accounts in the mercantile system.

(3.) THE assessee then moved the Tribunal for making a reference to his court. That application was rejected and the assessee made an application under section 66(2) of the Act to this court. This reference was made by the Tribunal under the orders of this court made under the aforesaid provision. The question referred are: