ECLAT CONSTRUCTION PRIVATE LIMITED Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THESE are four references under Section 256(1) of the Income-tax Act. The references have been made by two different orders but as the assessee as well as the questions referred to us are common, we have heard them together and they will be disposed of by this common judgment.

(2.) WE are concerned in these references with the assessment years 1970-71, 1971-72, 1972-73 and 1973-74. The question falling for consideration in these references is whether income from leasing of bulldozer by the asses-see would constitute income from "business" of the assessee or whether it was rightly treated as income from "other sources". In this behalf, the question referred to us is :

(3.) UPON those findings of facts, Mr. K. N. Jain, learned counsel for the assessee, contended that the Tribunal had erred in holding that the hiring of the bulldozer was not an adventure in the nature of trade. The entire controversy veers round the expression "adventure in the nature of trade".