SADHURAM GORDHANDAS Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE Income -tax Appellate Tribunal, Ahmedabad Bench 'B', has referred the following six questions for the opinion of this court in compliance with the directions issued by this court under Section 256(2) of the Income -tax Act, 1961 (hereinafter referred to as 'the Act'):

(2.) THE assessee is a registered firm. The business of the assessee is that of a building contractor and in the course of its business it purchases a plot of land and after constructing flats, shops, etc., sells the completed premises.

(3.) THE assessment framed originally under Section 143(3) of the Act was reopened under Section 147(a) of the Act; for the purpose of reopening, the Income -tax Officer observed as follows :