1,16,599/ respectively but showed the gross annual letting.
The Judgment of the Court was delivered by Hegde, J. In these appeals by certificate, the only question arising for decision is whether on the facts and in the circumstances of the case, the assessee.
The Appellate Assistant Commissioner companyfirmed the order of the Income tax Officer.
C. Mahajan and H. K. Puri, for the appellant in all the appeals S. Desai, R. N. Sachthey and B. D. Sharma, for the respondent in all the appeals .
This arrangement came into effect on November 1, 1951.
Appeals from the judgment and order dated September 20, 1967 of the Delhi High Court in Income tax Reference Nos.
Being dissatisfied with that decision the assesses has brought these appeals.
A Full Bench of the Delhi High Court speaking through S. K. Kapur, J. answered that question in the negative.
18 lakhs from the Raja of Jubbal.
CIVIL APPELLATE JURISDICTION Civil Appeals Nos.
Now turning to the facts of the case, the companycerned assess ment years are 1952 53, 1955 56 and 1956 57, the relevant accounting periods being financial years ending March 31, 1952, March 31, 1955 and March 31, 1956.
2 and 3 of 1967.
value from the said property at Nil.
Sometime In the year 1946 it purchased the Nedous Hotel in Lahore for a sum of Rs 46 lakhs.
The loan taken from the bank was partly repaid but as regards the loan taken from the Raja, the assessee came to an agreement with the Raja under which the Raja accepted a half share in the said property in lieu of the loan advanced and also 1/3rd of the outstanding liability of the bank.
1970 to 1973 of 1968.
The assesses is a registered firm deriving income from interest on securities, property, business and other sources.
1,16,599/ and Rs.
For that purpose it raised a loan of Rs.
30 lakhs from M s. Bharat Bank Ltd., Lahore and a loan of Rs.
In its return for the relevant assessment years, the assessee claimed losses of Rs.
After the creation of Pakistan, declared an evacuee property and companysequently vested in the Custodian in the Pakistan.
1,00,723.
