IN RE: COMMERCIAL PROPERTIES LTD Vs. DIRECT TAXATION

JUDGEMENT

(1.) This is a case stated by the Commissioner of Income-tax, Bengal, and the question for decision is whether or not the assessees are liable to income-tax under Section 9, Income-tax Act, 1922 or only under Section 10 of that Act.

(2.) It is the function of the Commissioner to find the facts and it is for this Court to accept his findings on all matters of mere fact.

(3.) The facts stated are that the assessee, The Commercial Properties, Limited, is a registered company of which the sole object is to acquire land, build houses and let premises to tenants in Calcutta or elsewhere in India. The sole assets of the assessees consist of three properties and the sole business of the assessees is the management, and collection of rents from the said properties.