Judgment

BHAGWATI, J.:- This is an appeal by special leave directed against the judgment of the Delhi High Court answering in favour of the Revenue a question which was directed to be referred by the Tribunal under S. 66 (2) of the Indian I. T. Act, 1922. The controversy between the parties arises out of an assessment made on the assessee as a Hindu Undivided Family for the assessment year 1948-49. The corresponding accounting year being the financial year 1947-48. The assessee was at the material time a Hindu Undivided Family with one Roshan Lal as its manager and karta. Till June 1947 the assessee was carrying on business in gold and jewellery at Chowk Surjan Singh in Lahore. In view of the pending partition of India Roshan Lal decided to move out of Lahore and accordingly he transferred a sum of Rs. 12,094/- from the account of the assessee with the Lahore Branch of the Punjab National Bank Ltd. to the New Delhi Branch of that bank in June 1947. He also transferred from the Lahore Branch of the Punjab National Bank Ltd. to the branch of that bank at New Delhi two sums of Rs. 13,000/- and Rs. 6,000/- the former in his own name and the latter in the name of his wife and obtained fi