COMMISSIONER OF INCOME TAX Vs. MEMO DEVI

JUDGEMENT

(1.) The Income-tax Appellate Tribunal, "Delhi Bench 'A' "; has referred the following two questions to this High Court under Section 66(1) of the Indian Income-tax Act, 1922, at the instance of the Commissioner of Income-tax, Delhi:-

(2.) The assessee before the Income-tax Officer was Delhi Beopar Mandal. The case relates to the assessment year 1952-53 corresponding to the previous year ending on 31st March. 1952.

(3.) A partnership firm, styled as "Delhi Beopar Mandal" was constituted on 27th October, 1936, and a deed of partnership was executed between Lala Desh Bandhu, Lala Vidya Dhar. Lala Ram Kishar. Dass, Lala Narain Datt, and Lala Harish Chandra. It was recited in the said deed that a land, measuring 189 bighas and 5 biswas (kham) and situated at Mauza Shampur adjacent to Pusa Agricultural Research Institute, Delhi, had been purchased, that the five parties to the deed were interested in the said purchase as mentioned in the deed, that besides the said purchase, the parlies to the deed also intended to purchase further lands and either sell such lands after developing, them or build houses or shops or any other buildings or such plots of land or do any other allied business, and that for those purposes the five parties wanted to enter into partnership and executed the aforesaid deed.