1979 (2) TMI 4

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....1962-63 and 1963-64 ?" We are concerned in this reference with four assessment years, namely, 1960-61, 1961-62, 1962-63 and 1963-64. It is obvious that the first two of these four years will be governed by the Indian I.T. Act, 1922, and the later two years by the I.T. Act, 1961. It is unnecessary to give a detailed order inasmuch as the Tribunal, it appears to us, has found in favour of the assessee on a limited footing, which footing is not in accordance with the law as declared by this High Court. The question being considered was, was the benefit available to the assessee under s. 15C of the Indian I.T. Act, 1922, for the first two years, and under s. 84 of the I.T. Act, 1961, for the later two years. The new industrial undertak....

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....upied the premises on leave and licence basis as suggested by the AAC, because, in its view, the assessee, even if it was a sub-lessee, could not be denied the benefit of s. 15C of the Act of 1922 or s. 84 of the Act of 1961, since a lease or a sub-lease in the view of the Tribunal did not constitute transfer. It is pointed out by Mr. Joshi that in Capsulation Services Pvt. Ltd. v. CIT [1973] 91 ITR 566 (Bom), the word " transfer " occurring in these two sections has been understood in a larger sense as including within its ambit all ordinary modes of transfer, namely, sale, mortgage, lease, gift and exchange. Thus, the legal basis of the decision of the Tribunal runs counter to the law as laid down by the Bombay High Court in Capsulatio....