COMMISSIONER OF INCOME TAX U P LUCKNOW GANGADHAR BAIJNATH Vs. GANGADHAR BAIJNATH GENERALGANJ KANPUR:THE COMMISSIONER OF INCOME TAX U P

JUDGEMENT

(1.) THESE are appeals by certificate from the decision of the High Court of Allahabad in a Reference under Section 66 (1) of the Income-tax Act, 1922 (to be hereinafter referred to as the Act).

(2.) THE Income-tax Appellate Tribunal (Allahabad Bench) referred to the High Court for its opinion the following questions :

(3.) THE material facts of the case as could be gathered from the statement of case are these : THE assessee is a partnership firm carrying on business of financing, moneylending, selling agencies and the like pursuits. THE relevant assessment year is 1948-49, the concerned accounting year ending in October, 1947. On April 29, 1946 the three partners of the assessee firm entered into an agreement with Gajadhar Jaipuria, R. S. Puran Mal Jaipuria and Mangloo Ram Jaipuria. THE terms of the agreement as found by the Tribunal, were :