PRADEEP TRUST Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) These two appeals under section 260A of the Income Tax Act, 1961 (hereinafter referred to as the Act) were heard together and we propose to deliver this common judgment for the disposal of the two appeals. I.T.A. No.15 of 2002 relates to the assessment year 1982-83 and the I.T.A. No.16 of 2002 relates to the assessment year 1983-84 and are directed against the common order passed by the Income Tax Appellate Tribunal.

(2.) The I.T.A. no.15 of 2002 has been admitted for hearing on the following two questions:

(3.) The I.T.A. 16 of 2002 was admitted on the following question: Whether on facts and circumstances of the case the Tribunal was right in law in holding that section 3(1) (f) of the Income Tax Act is applicable on the association of persons born out of joint-venture agreement instead of right section i.e. Section 3(1) (b) of the Income Tax Act 1961? The facts giving rise to filing of these two appeals may be summed up thus: