SASSOON E D AND COMPANY LIMITED Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE following five question have been referred for our decision in this reference made by the Income -tax Appellate Tribunal. Bombay Bench 'A' under section 66(1) of the Income -tax Act, '1. Whether, on the facts and in the circumstances of the case, the assessee -company is entitled to claim exemption under section 25(3) of the Act ?

(2.) WHETHER , on the facts and in the circumstance of the case, the loss suffered on the sale of property in Shanghi was allowable as a revenue deduction out of profits of the year ?

(3.) WHETHER , on the facts and in the circumstances of the case, assessee -company is entitled to claim a sum of Rs. 2,92,672, transferred after the liquidation of the company, as against the profits of the company ?