COMMISSIONER OF INCOME TAX Vs. JHABARMAL AGARWALLA

JUDGEMENT

(1.) ON an application by the Revenue, the following question has been referred by the Tribunal for the opinion of this court:

(2.) WE may state here that though the framing of three questions referred to us in the three references, which we shall dispose of by this common judgment, are not in the same wording the law point involved is the same, that is the interpretation of Section 2(23) and section 64(1) of the Income-tax Act, 1961, for short the "Act", and section 4 of the Indian Partnership Act, 1932.

(3.) WE may state here that in Basanta Kumar Agarwalla no ratio as such was laid down but the court dismissed the application under Section 256(2) of the Act. By the said application the following question was sought to be referred to this court (at p. 420):