COMMISSIONER OF INCOME TAX Vs. INDUSTRIAL TRUST LIMITED

JUDGEMENT

(1.) THESE four cases relate to the same assessee, namely, the Industrial Trust Limited, Jaipur, a limited company (hereinafter called "the company"), and raise similar questions of law and they are, therefore, disposed of by this judgment.

(2.) THE first three cases are references made by the Income-tax Appellate Tribunal, Delhi Bench "B" (hereinafter called "the Tribunal"), under Section 66(1) of the Indian Income-tax Act, 1922 (hereinafter called "the Act"). THE Income-tax Reference No. 27 of 1964 relates to the assessment year 1946-47 while Income-tax Reference No. 25 of 1964 and No. 26 of 1964 relate to the assessment years 1947-48 and 1949-50, respectively. THE statement of the cases submitted with these references by the Tribunal are practically the same.

(3.) THE Madras High Court held that: