COMMISSIONER OF INCOME TAX Vs. MURARILAL BUDHIA

JUDGEMENT

(1.) THE Patna Bench of the Tribunal has referred the under mentioned question for the opinion of this Court.

(2.) THE relevant facts lie in a short compass. The assessee, as a shareholder of M/s Ganpati Properties (P.) Ltd., Ranchi, which went into voluntary liquidation on October 1, 1963, became entitled to receive 9/68ths share in the properties bearing municipal holding No. 368 inclusive of the construction and structure standing thereon. The value of the assessee's share as on January 1, 1954, was estimated by him at Rs.

(3.) AT the instance of the CIT the Tribunal has stated a case on the aforesaid question of law under s. 256(1) of the INCOME TAX ACT, 1961.