Judgment

UNTWALIA, J.:- This is an appeal by an assessee on grant of a certificate of fitness by the Bombay High Court under Section 66-A (2) of the Income-tax Act, 1922 - hereinafter referred to as the 1922 Act. The assessee is an individual. We are concerned in this case with his assessment for the assessment year 1958-59 - corresponding accounting year being 1st April, 1957 to 31st March, 1958. The Income-tax Tribunal made a composite order disposing of the assessees appeals in respect of two assessment years i.e. 1958-59 and 1959-60. The decision of the Tribunal was partly in favour of the assessee and partly in favour of the Revenue. In respect of the assessment year 1958-59, a reference under Section 66 (1) of the 1922 Act was made by the Tribunal to the High Court. Four questions were referred - one at the instance of the Commissioner of Income-tax and three at the instance of the assessee. The High Court by its judgment under appeal which is reported in Commissioner of Income-tax (Central), Bombay v. P. K. Badiani, 76 ITR 369, has answered almost all the questions against the assessee. Hence this appeal.

2. Mr. V. Rajgopal who had argued the case of the assessee before the Hi