RADHAS PRINTERS Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) FOR the assessment years 1966-67 to 1971-72, the petitioner-firm got the benefit of development rebate under Section 33(1) of the I.T. Act, 1961. On the ground that it transferred its assets and liabilities to one "N.R. Trust", the second respondent, recomputing its total income during the relevant years as contemplated by Sections 34(3)(b) and 155(5) of the Act issued Exs. P-4A to P-4F revised assessment orders in respect of the years 1966-67 to 1971-72. The first respondent affirmed this on revision as per Ex. P-6 order.

(2.) THE question for consideration, as raised by the learned counsel for the petitioner-firm, is whether Exs. P-2 and P-3 transactions involve a transfer by the firm of its assets and liabilities to the trustees.

(3.) IN view of what is stated above it is not necessary to examine the submissions made by the learned counsel for the revenue seeking reliance therefor on the definition clause, Section 2(47), of the Act.