SANKAR PRASAD MITRA, J.

( 1 ) THIS is a reference under Section 66 (1) of the Indian Income-tax Act, 1922. The assessment year is 1957-58. The corresponding previous year was the financial year ending on the 31st March, 1957. At the relevant time the assessee was a private limited company. In the years preceding the financial year aforesaid the assessee was the owner of premises No. 17b, Gurusaday Road, Calcutta. The assessee claimed for the assessment year 1957-58, that the bona fide annual value of this property was not assessable in the assessee's hands as the property had been sold on the 29th March, 1956, to Messrs. Punjab Produce and Investment Co. Ltd. before the beginning of the accounting year in question. It was stated that under an oral agreement dated March 27, 1956, the assessee agreed to sell the property to the aforesaid purchaser and in accordance with this agreement delivery of possession was given to the purchaser on March 29, 1956. It was stated further that the purchaser paid the whole of the consideration money on the 16th April, 1956, which was credited in the assessee's books in the suspense account. An agreement for sale was drawn up on April 28, 1956. The

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