RASHIKLAL AND COMPANY Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THIS is a reference under Section 256(1) of the Income-tax Act, 1961 (hereinafter referred to as "the Act"), at the instance of the assessee. The statement of case on the following question of law has been referred to this court :

(2.) THE assessee is a partnership firm which carries on business in sale and purchase of several commodities as well as of operation of a mining lease. THE following are partners of the firm :