COMMISSIONER OF INCOME TAX MYSORE Vs. K NGURUSWAMY

JUDGEMENT

(1.) This is a reference made by the Income-tax Appellate Tribunal, Madras Bench, at the instance of the Commissioner of Income-tax. Bangalore, under section 66(1) of the Indian Income-tax Act, 1922 (to be hereinafter referred to as the "Act") in I.T. As. Nos. 6585 to 6587 of 1961-62 on its file.

(2.) The learned judge set out the statement of case which ran as follows : The assessee derived income from securities, from properties, money lending business and petrol business. He also conducted a beer tavern. The accounting years concerned in these appeals are the year ending on June 30, 1954, June 30, 1955, and June 30, 1956. In the year ending on June 30, 1953, the assessee had abkari contract. During the years under reference the assessee had no such abkari contract. The assessee had maintained a fleet of lorries for transporting toddy from the palm groves to the various shops which were spread over a wide area. Depreciation was allowed on these lorries up to and inclusive of the assessment year 1954-55.

(3.) In the year ending on June 30, 1954 (assessment year 1955-56), the assessee sold four lorries. In the assessment year 1956-57, the assessee sold two lorries and in the assessment year 1957-58, eleven lorries.