ADDITIONAL COMMISSIONER OF INCOME TAX Vs. GHASIRAM PHOOLCHAND

JUDGEMENT

(1.) THIS is a reference under S. 256(1) of the IT Act, 1961, made at the instance of the Revenue. The questions that we are called upon to answer read thus :

(2.) THIS reference relates to the asst. year 1963 64. The assessee is an HUF and derives income from various sources. It owns house properties. It carries on business in "Bardana". It also runs passenger buses in the name of "M/s Mathuradas Motor Services". For the assessment year in question, it disclosed a loss of Rs. 1,47,767 in relation to the motor service. It declared an income of Rs. 12,718 in relation to its other business. Its net loss was, therefore, declared to be Rs. 1,35,049.

(3.) THE assessee appealed to the AAC of Income tax who dismissed the appeal.