1970 (3) TMI 36

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.... reference under section 66(1) of the 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 ....

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....luded within the assessee's assessable income 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 mac....