PANDIT BROS Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) This is a reference made to this Court by the Income-tax Appellate Tribunal, Delhi, under Section 60 (1), Income-tax Act. The following question of law has been referred to this Court:

(2.) The assessee in this case is Messrs. Pandit Bros., Delhi, and the year of assessment is 1950-51. In order to understand the exact import of the issue involved it is necessary to set out briefly the facts which have given rise to this reference.

(3.) Messrs. Pandit Bros, had during the assessment year four branches: