BHAGABATI PRASAD BANERJEE, J.

( 1 ) THE Tribunal has referred the following question of law to this court under Section 256 (1) of the Income-tax Act, 1961 :" Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in holding that income from vacant lands at Howrah was assessable in the hands of the company even though the legal ownership therein vested in the individual members of the family "

( 2 ) THE assessment years involved are 1970-71, 1971-72, 1976-77 and 1977-78 for which the relevant accounting periods ended on December 31, 1969, December 31, 1970, December 31, 1975, and December 31, 1976, respectively.

( 3 ) THE facts of the case as they appear from the statement of case are as follows :

( 4 ) FOR the assessment years 1970-71, the Income-tax Officer noted that the income was shown by the assessee at Rs. 66,954 from property only. Before the Income-tax Officer, a reference was made to the decision of the Tribunal in Income-tax Appeals Nos. 5275 to 3277/ (Cal) of 1971-72, in which it was held that the income from house property was not assessable in the hands of the assessee-company. The Income-tax Officer took note of another decisio

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