AZIMULLA WAZIR Vs. THE COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THIS is an application under Sub -section (2) of Section 256 of the Income Tax Act, 1961, (hereinafter referred to as 'the Act').

(2.) THE assesses firm was purchased for Rs. 32,000/ -. It filed a return for the assessment, year 1963 -64 showing a loss of Rs. 5,600/ - after claiming depreciation of Rs. 8000/ - on the original cost of the truck. The Income Tax Officer Ajmer determined the net income at Ra. 5,000/ - on agreed basis.

(3.) IN the assessment year 1965 -66, the Income Tax Officer again assessed the firm at Rs. 5,000/ - on agreed basis The truck was sold for Rs. 33,251/ -in February, 1965. The assessment was completed on 23.9 66.