AGRICULTURAL COMPANY RAMPUR Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) The following two questions of law have arisen for decision in this reference:-

(2.) These questions arose out of a consolidated order dated 6th August, 1966 in two appeals heard by the Income-tax Appellate Tribunal for the assessment years 1948-49 and 1949-50. Since a common statement of case was drawn in respect of both the assessment years, this judgment will dispose of both the questions.

(3.) The facts are that two limited companies, Raza Sugar Company Limited and Buland Sugar Company Limited Rampur entered into a partnership and formed an agricultural company in the name of Agricultural Company Rampur. The case relates to the last mentioned company which is the assessee in this case.