COMMISSIONER OF INCOME TAX Vs. KANAIYALAL NIMANI

JUDGEMENT

(1.) This reference under Section 256(2) of the I.T. Act, 1961, at the instance of the revenue relates to the assessment year 1962-63, the relevant accounting year being 2018 R.N.

(2.) The assessee is a lessee of premises No. 1, Strand Road, Howrah, measuring 7 bighas of land with a building thereon for 50 years, under a registered deed of lease dated March 8, 1939. The assessee erected many stalls in the demised premises and set up a market therein commonly known as " Maagla Hat ".

(3.) The assessee claimed before the ITO that the income derived from these stalls should be assessed under Sections 22 to 27 of the I.T. Act, 1961, but the ITO rejected the contention and assessed the income under the head " Other sources ".