SRINIVASAMURTHY Y V Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THIS is a reference under section 66(1) of the Indian Income-tax Act, 1922, to be hereinafter referred to as the "Act".

(2.) THE question of law referred for the opinion of this court is :

(3.) LESSEE Rangaiah transferred his rights under the lease to one Kelkar. In his turn Kelkar transferred his right under the lease to the assessee on May 8, 1950, though the agreement to sell the same was entered into between the assessee and Kelkar on March 15, 1946. Kelkar sold his right under the lease to the assessee for a sum of Rs. 1,50,000, out of which Rs. 1,00,000 was fixed as consideration for the transfer of the building.