PROVIDENCE ESTATE Vs. COMMISSIONER OF AGRICULTURAL INCOME TAX

JUDGEMENT

(1.) THERE are two assessees, namely, Providence Estate and Shanti Estate, both of Poomulla who are concerned each with regard to the assessment years 1978-79, 1979-80, 1980-81 and 1981-82. Separate assessment orders are also available in the print in the nature of annexures A, A1, A2 and A3 on the one hand and A4, A5, A6 and A7 on the other, respectively, in regard to them.

(2.) THE two assessees expect our answer to the following two questions :

(3.) THEREAFTER, throughout the properties covered by the agreement of sale were managed by the two firms jointly and combined accounts were kept regarding the income and expenses. It is further seen that income is declared by each of them by filing returns separately at 50 per cent. of the total income for the entire properties. This continued. Final sale deeds came to be executed on March 10, 1981, and March 16, 1981, and they were in the name of the managing partner and also the chief executive of the firm on behalf of the partnership firm--Providence Estate with regard to the first property and managing partner and another partner of the other partnership firm-Shanthi Estate, Poomulla. This was on the day specified above. It is plain and undisputed that this is much after the last of the financial years (1981-82) in these proceedings, needless to state that the previous year in regard thereto would be from January 1, 1980 up to December 31,. 1980.