1966 (8) TMI 4

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....s we are called upon to answer under section 66(1) of the income-tax Act of 1922 are the following: "1. Whether, on the facts and in the circumstances of the case, the Tribunal is right in holding that the income of the applicant's wife from her money-lending business is properly includible in the applicant's assessments? 2. Whether, on the facts and in the circumstances of the case, the finding....

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....ishopdown House at Ootacamund. It is not clear when the two houses were purchased, though we are told that it was in 1958. Kandal house was sold in two parts, the first part prior to the assessment year in question and the second, during the assessment year for a sum of Rs. 3,000, the original purchase price being Rs. 2,000. The Bishopdown house was purchased for a sum of Rs. 2,346 and was sold du....

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....roperties was also liable to tax. In the statement of the case submitted by the Tribunal, it went a step further and said that the assessee was a habitual dealer in properties and that therefore the profits realised on those properties was also liable to tax. Now the question before us is whether there was material before the revenue or the Tribunal to hold that the purchase and sale of the two h....