TRILOK CHAND BIISUKHRAI Vs. COMMISSIONER OF INCOME TAX JAIPUR

JUDGEMENT

(1.) THIS is a reference by the Income-tax Appellate Tribunal (Delhi Bench "c") under sec. 256 (1) of the Income-tax Act, 1961 (hereinafter referred to as the Act) stating the following question for our answer: - "whether on the facts and in the circumstances of the case and on correct interpretation of the lease deed dated 13-9-1954, the assessee has been rightly assessed under the head 'income from property' in respect of the income received by it from the Syria Market ?"

(2.) THE material facts may be shortly stated as follows:- THE assessee is a Hindu United Family represented by its Manager Trilok chand and the assessment relates to the years 1961-62 and 1962-63 the previous years being the years ending Deepawali Samvat year 2017 and 2018 respectively. THE assessee derives income from shares in registered firm M/s Prabhat Talkies, Ajmer, and also from immovable properties including the property known as "syria Market" THE position with regard to Syria Market is as follows: -

(3.) M/s. New Savan Sugar & Gur Refining Co. Ltd. (v) Commissioner of Income-tax, Calcutta (5) is also a case of a composite letting and has no bearing.