COMMISSIONER OF INCOME TAX Vs. KAMLA TOWN TRUST

JUDGEMENT

(1.) The Income-tax Appellate Tribunal, has referred the following question of law under Section 256(2) of the Income-tax Act, 1961 (hereinafter referred to as "the Act"):

(2.) The reference relates to the assessment years 1976-77 to 1978-79. The brief facts of the case are as follows:

(3.) The assessee/opposite party (hereinafter referred to as "the assessee") is a trust. It was set up on October 27, 1941, by M/s. J. K. Cotton Spinning and Weaving Mills Ltd., inter alia, with the following objects: