Commissioner of Income Tax vs Gambhir Mal Pandiya (P) Ltd.

On an application u/s 256(2) of the Income Tax Act, 1961, the Tribunal was directed to refer the following question for our opinion :

"Whether on the facts and in the circumstances of the case the Tribunal was justified in holding that the income of the assessee from lease money was assessable u/s 28 of the Income Tax Act, 1961."

None appeared for the assessee.

We have heard Mr. Anuroop Singhi, learned counsel for the revenue. Mr. Anuroop Singhi brought to our notice at the outset that the identical issue has been considered by this court in case of Commissioner of Income Tax Vs. Gambhir Mal Pandey (P) Ltd., and this court has answered the question in negative i.e., in favour of the revenue and against assessee.

Considering the submissions and following the view taken in order passed in Gambhir Mal Pandey (P) Ltd.''s case (supra) we answer the question in negative i.e., in favour of the revenue and against the assessee.

The reference so made stands disposed of accordingly.