COMMISSIONER OF INCOME TAX Vs. ATAM PRAKASH

JUDGEMENT

(1.) THE Income Tax Appellate Tribunal (hereinafter referred to as ?itat?) by an order dated 13. 4. 1988 passed under Section 256 (1) of the Income tax Act, 1961 (hereinafter referred to as ?the said Act?) has referred to this court the following question of law arising in the case of two assessees Atam prakash and Sons HUF (hereinafter referred to as ?the 1st assessee?) and Om prakash (hereinafter referred to as ?the 2nd assessee?):-

(2.) IN order to answer the aforesaid question it would be important to refer to certain undisputed facts. The same are as follows:-

(3.) ON 9. 10. 1936 a perpetual deed was executed between the Secretary of State for India-in-Council representing the Government of India (i. e. , the lessor) and one Shri Kanwar Narain Singh (i. e. , the lessee) whereby, the said indenture demised in perpetutity, as and by way of lease, for a consideration and conditions contained in the said indenture as a lessee; rights, title and interest in land admeasuring 3851 sq. meters situate at block No. 205 in New capital of Delhi presently known as Bungalow No. 22, Barakhamba Road, New Delhi.