COMMISSIONER OF INCOME TAX Vs. RAMESHWAR PRASAD BAGLA

JUDGEMENT

(1.) IN compliance with the directions of this court under section 66(2) of the INdian INcome-tax Act, 1922 (hereinafter referred to as the Act), the INcome-tax Appellate Tribunal, Bombay Bench (hereinafter referred to as the Tribunal) has submitted the statement of case and referred the following questions of law for the opinion of this court :

(2.) THE assessment year with which we are concerned in this reference is 1947-48. THE accounting year is Dessera 2002-2003, corresponding to October 16, 1945, to October 5, 1946.

(3.) THE assessee did not disclosed the profit mentioned above in his return. THE Income-tax Officer, however, made an enquiry from the assessee in this respect and the latter sent a letter dated March 30, 1949, to the Income-tax Officer in the course of which he stated :