1991 (4) TMI 41

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.... section 256(2) of the Income-tax Act, 1961, the following two identical questions are stated in these three references. The questions are as under : "Whether, on the facts and in the circumstances of the case and on a true interpretation of the lease agreement and the memorandum of association of the assessee-company, the Tribunal was legally correct in holding that the income earned by the as....

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....arch, 1952, the assessee was leasing out the cold storage and ice plant with all its accessories to Rajendra Prasad Kishan Lal, a partnership firm. The lease amount was Rs. 72,000 for one season. Up to the assessment year 1959-60, the income so received was assessed under the head "Other sources". In the assessment proceedings relating to the assessment year 1960-61, however, the assessee raised t....

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....r himself though at the cost of the lessee. Furthermore, the lessor had undertaken to supply to the lessee hydrous ammonia and salt for the first deficiency required for the purpose of running the plant. Any extra requirement was of course to be met by the lessee at their own cost. Having regard to the fact that the lease was only for a portion of the year, i.e., for the relevant season and als....

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.... essentially a question of fact. The inference is to be drawn from the relevant material placed before the authorities; so far as this reference is concerned, we cannot interfere with the finding recorded by the Tribunal unless it is shown to us that the finding of the Tribunal is vitiated on any of the recognised grounds, viz., non-consideration of the relevant material, consideration of inadmiss....