COMMISSIONER OF INCOME TAX Vs. VASUDEO AGARWAL

JUDGEMENT

(1.) A statement of the case has been submitted by the Income-tax Appellate Tribunal, Patna Bench "A", Patna (hereinafter referred to as "the Tribunal "), referring the following common question of law under Section 256(2) of the Income-tax Act, 1961 (hereinafter referred to as "the Act"), for the opinion of this court as directed by this court, relating to the assessment years 1967-68 to 1969-70 :

(2.) THE facts may be briefly stated. THE assessee in the status of an individual has a mining business in sand and china clay at Rajmahal in the name and style of " M/s. Standard Mercantile Co., Rajmahal ". THE assessee has been showing this income in his individual hands as the income from his proprietary concern, whereas the Department in the past has held that this business belongs to the firm, namely, M/s. Standard Mercantile Co., Patna. THE Income-tax Officer assessed this income in the hands of the assessee in the status of an individual as a protective measure in the interests of the Revenue. THE orders of the Income-tax Officer for the assessment years 1967-68, 1968-69 and 1969-70 which are the assessment years involved in this case have been annexed and marked as annexures B, C and D forming part of the statement of the case.

(3.) LET a copy of this judgment be transmitted to the Income-tax Appellate Tribunal in terms of Section 260 of the Income-tax Act, 1961.