BALLYGUNGE BANK LTD Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THIS reference under s. 66(1) of the IT Act is made by the Tribunal at the instance of the assessee, the Ballygunge Bank, Ltd. The question referred for the opinion of the Court is:

(2.) THE assessees are a public limited company, one of their objects being to acquire land by purchase, lease or otherwise, to deal in such land or to build houses thereon and to deal in or let out such houses.

(3.) IN the assessee's income-tax assessment for the year 1941-42 there is included the sum of Rs. 5,115 for "property" which was assessed under s. 9 of the IT Act. By s. 6 income shall be chargeable to tax under the head of "property"; by s. 9 tax is payable by an assessee under the head of "INcome from property" in respect or the bona fide value of property consisting of any buildings or lands appurtenant thereto of which he is the owner.