1970 (3) TMI 36

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....Indian Income-tax Act, 1922. The assessee-company owns certain oil installations in Bombay and Madras. Prior to 1939, the income of the assessee was being assessed under section 10 as business income. After 1939, the assessee-company ceased to carry on business but was recovering rent of its installations. During the year 1953, the income from the rent was brought to tax under section 12. During ....

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....ncome in view of the judgment of a Division Bench of the Madhya Pradesh High Court in Commissioner of Income-tax v. Nandlal Bhandari & Sons (P.) Ltd. Under these circumstances, this reference has been made at the instance of the revenue and the question referred is: " Whether, on the facts and in the circumstances of the case, the profit on sale of machinery amounting to Rs. 2,28,950 under the s....