Judgment

SHAH, J.:- The Income-tax Appellate Tribunal referred the following question for opinion to the High Court of Calcutta under Section 66 (2) for the Income-tax Act, 1922:

"Was there any evidence before the Tribunal on which it could hold that the business in dealing with shares was distinct and separate from the business of sugar manufacturing and distillery?"

The High Court recorded their answer in the affirmative. The assessee appealed to this Court with certificate granted by the High Court under section 66-A (2) of the Income-tax Act, 1922. At the hearing of the appeal this Court was of the view that statement of the case was insufficient to determine the question raised. The Court observe:

"In the present case however it is not possible for us to satisfactorily dispose of this appeal because the statement of the case submitted by the Tribunal is incomplete and has omitted to state material facts bearing upon the question referred. For instance, it is not clear as to whether the assessee adduced any evidence as to why it started purchasing the shares of the lessor company about six months after the commencement of the lease. It is also not stated by the Tribunal whether the