As regards the third truck, according to what is stated in the judgment of the High Court the written down value stood reduced to nil by the date of disruption of the Hindu undivided family.
The business was originally carried on by a Hindu undivided family companysisting of the aforesaid father and son.
There was a total disruption of the family on March 22, 1956 and on the same day the separated members of the family companystituted a partnership firm under the name and style of Messrs. D. S. Bist Sons.
Before the Appellate Assistant Commissioner the appellant companytended that as numberdepreciation was allowed to the appellant in respect of the three trucks numberquestion arose of companyputing any profit in its hands, but the companytention was rejected.
At the time when the business was owned by the family, it included three trucks.
At the instance of the appellant, a reference was made to the High Court of Delhi.
8.12.71 of the Delhi High Court in Income Tax Reference No.
On account of depreciation allowed in earlier years the written down value of two trucks came to nil in the assessment year 1952 53.
The appellant was unsuccessful before the Income Tax Appellate Tribunal also.
The appeal relates to the assessment year 1958 59, for which the previous year is the financial year ending March 31, 1958.
During the assessment proceeding for the assessment year 1958 59, the Income Tax Officer held that the entire sum of Rs.
CIVIL APPELLATE JURISDICTION Civil Appeal No.
1727 of 1972.
The business was taken over as a running companycern by the firm.
24,252/ , representing the sale proceeds of the three trucks, should be deemed to be Profits of the previous year ending March 31, 1958 by virtue of the second proviso to section 10 2 vii of the Indian Income Tax Act, 1922, and he included that amount in the total income of the appellant.
Appeal from the Judgment and order dt.
24,252/ is an item taxable in the previous year under the Provisions of section 10 2 vii , The appellant is a partnership firm carrying on business as forest companytractors.
B. Ahuja and Miss A. Subhashini for the respondent.
The Judgment of the Court was delivered by PATHAK, J. This appeal by special leave is directed against the judgment of the High Court of Delhi disposing of a reference made to its by the Income Tax Appellate Tribunal on the following question Whether on the facts and in the circumstances of the case the sum of Rs.
The partners are Thakur Dan Singh and his son, Thakur Mohan Singh.
A. Ramachandran for the appellant.
30/67 .
During the previous year ending March 31, 1958, relevant to the assessment year 1958 59, two trucks were sold for a total of Rs.
12,252/ .
12,000/ while the third truck was sold for Rs.
