JUDGMENT

Sen, J.-This is an appeal against an order passed by the Division Bench of the Punjab & Haryana High Court disposing of an Income Tax Reference relating to assessments of the Assessment Years 1963-64 to 1967-68.

2. The following questions of law had been referred to the High Court by the Income Tax Appellate Tribunal:

"1. Whether on the facts and in the circumstances of the case, the Tribunal was right in law, in holding that Meera & Co. is a body of individuals and is assessable as such?

2. Whether on the facts and in the circumstances of the case, the Tribunal was right in holding that the assessment of the body of individuals identified as Meera & Co. should be made under Section 4 read with Section 2(31)(v) and not under Section 160, 161 or 166?"

3. The High Court has given brief summary of the relevant facts as under :

Shri Prem Narain, an individual, carried on business under the name M/s. Meera & Co. at Ludhiana. He died intestate on August 25, 1962 survived by his mother, widow and three minor children. All the assets of the deceased including the business styled as Meera & Co. devolved on his five legal heirs. The mother of the deceased relinquished her interest in the