COMMISSIONER OF INCOME TAX Vs. JAWAHAR DEVELOPMENT ASSOCIATION

JUDGEMENT

(1.) THIS is a reference under Section 256(1) of the I.T. Act, 1961, made by the Income-tax Appellate Tribunal at the instance of the Dept. referring for our answer the following questions of law :

(2.) THE relevant assessment years are 1964-65, 1965-66, 1966-67 and 1967-68. THE relevant previous years are the corresponding previous financial years. THE assessee is a partnership firm and has been assessed for these years as unregistered firm but treated as a registered firm under Section 183(b). THE assessee-firm consists of two partners, namely, Purandeo Sindhwani and Lalit Mohan Sachdeva.

(3.) FIVE plots were sold between 28th September, 1962, and 9th May, 1963, 57 plots were sold between 22nd December, 1964, and 27th March, 1965, 36 plots were sold between 16th April, 1965, and 16th August, 1965, and 7 plots were sold between 24th August, 1966, and 27th December, 1966. The total area covered by these plots is twenty-five per cent. of the total area of the entire land.