NATHU RAM PREMCHAND Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THIS is the statement of case referring a question of law to this court in pursuance of an order passed by this court on 3rd August, 1959, under the provisions of section 66(2) of the Income-tax Act. That question of law is as follows :

(2.) THE facts, as they emerge from the statement of the case, are as follows : THE assessee is a Hindu undivided family and carries on sarrafa business, purchases and sale of gold and silver bullion, purchase and sale of silver ornaments in the name and style of Nathu Ram Premchand.

(3.) CONSEQUENTLY, we are of opinion that the question of law referred to us by the Tribunal should be answered in favour of the assessee and against the department with costs. We assess the fee of the learned counsel at Rs. 200.