1970 (8) TMI 8 - SUPREME COURT

Sale of the assessee-company - reassessment proceedings had been initiated on the belief that the provisions of section 34(1)(a) were properly applicable - High Court should not have and we in our turn will not answer the questions referred under section 66(1) of the Act because in our opinion those questions cannot be answered without first deciding whether the part of the sale price received by the assessee amounts to profits under section 10(2)(vii) - assessee's appeal is allowed