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TMI Blog1956 (8) TMI 71X X X X Extracts X X X X X X X X Extracts X X X X ..... umstances of the case the finding of the Tribunal that the assessee company was carrying on business in the accounting year 1948-49 was justified ? The facts are stated in that judgment and they need not be repeated here. 2. Now, the reference, as far as it was made to call for a supplementary statement, was rendered necessary because the only circumstance that appeared on the record which had ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t we have got to consider is whether there was evidence to justify the finding. 3. Now, the circumstances relied upon by the Tribunal are, firstly, the terms of the lease itself. Unlike the lease in the Supreme Court case this is not a case where the undertaking has been let out on a monthly rental. The rent under this lease is fixed on the basis of the actual working of the factory and the ren ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch it had also claimed in the assessment for the previous year when admittedly the company was carrying on the business. This claim was made on the basis of a business being carried on by the assessee company in the year of account. Mr. Palkhivala has suggested that these very expenses could have been claimed under section 12 of the Income-tax Act. The point to bear in mind is that the claim was m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ver for this contention. The proviso refers to any such building, machinery or plant being sold, and whether the building, machinery or plant is sold separately and individually or sold together and the whole of the undertaking is transferred, the position is identical under the proviso. The object of the Legislature in enacting the proviso is clear that if any building, machinery or plant realise ..... X X X X Extracts X X X X X X X X Extracts X X X X
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