1986 (2) TMI 42

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..... g the following common question of law under section 256(2) of the Income-tax Act, 1961 (hereinafter referred to as "the Act"), for the opinion of this court as directed by this court, relating to the assessment years 1967-68 to 1969-70 : " Whether, on the facts and in the circumstances of the case, the Tribunal was correct in law in holding that the business of Rajmahal belongs to the assessee .....

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..... and 1969-70 which are the assessment years involved in this case have been annexed and marked as annexures B, and D forming part of the statement of the case. The Appellate Assistant Commissioner held for all the three assessment years in question that the Rajmahal business belongs to the firm, M/s. Standard Mercantile Co., Patna, and the income from this source should be included in the assessm .....

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..... that the Tribunal was right in excluding the income from the Rajmahal business styled as Standard Mercantile Co., Rajmahal, from the total income of the assessee-firm styled as Standard Mercantile Co., Patna, as the said business belonged to Vasudeo Agarwal, the assessee before us, as a proprietary concern. In view of this finding of this court, it has to be held that the assessment of the assesse .....

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