AJODHYA PRASAD TARA CHAND KHEKRA Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THIS is a case stated under section 66(1) of the Indian Income-tax Act, 1922 (hereinafter referred to as the Act). The question referred is :

(2.) THE material facts are these : THE assessee in a firm which, inter alia, carries on business of letting out Kolhus on hire. THE relevant assessment year is 1960-61, the accounting year whereof the year ending 30th of October, 1959.

(3.) AS there is no case directly in point and the matter is res integra, it will be useful to set out the relevant provisions of the Act at the very outset. Section 10(1) reads :