NEW COTTON AND WOOL PRESSING FACTORY Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THIS is a reference by the Income-tax Appellate Tribunal, Delhi Bench, under section 66(2) of the Indian Income-tax Act, 1922, which will hereinafter be referred to as the Act.

(2.) THE question set out for answer is as follows :

(3.) SUBJECT to contract between the partners, the property of the firm shall be held and used by the partners exclusively for the purposes of the business.