COMMISSIONER OF INCOME TAX Vs. LAXMI RICE MILLS

JUDGEMENT

(1.) THE judgment in this case will also govern the disposal of Misc. Civil Cases Nos. 134 and 191 both of 1982, as common questions of law arise in all these references :

(2.) AS directed by this court under Section 256(2) of the Income-tax Act, 1961, the Income-tax Appellate Tribunal, Nagpur Bench, Nagpur, has referred the following questions of law to this court for its opinion :

(3.) NOW, in the instant case, the Tribunal has found, after appreciating the material on record, that the assets in question, though given by the assessee on lease, did not cease to be commercial assets. The finding of the Tribunal in this behalf, as stated in its order in Misc. Civil Case No. 116 of 1982 is as follows: