COMMISSIONER OF INCOME TAX Vs. SARYA SUGAR MILLS P LIMITED

JUDGEMENT

(1.) THE Income-tax Appellant Tribunal has referred the following question to his court for its opinion :

(2.) THE assessee is a private limited company manufacturing and selling sugar. THE assessment year is 1959-60, the previous Year being the year ending October 31, 1958.

(3.) THE thing to be taxed is the amount of profits and gains. THE word profit I think is to be understood in its natural and proper sense - in a sense which no commercial men would misunderstand.