G.K.MITTER, J.

1. THE main question for determination in this reference is whether there was a sale by the assessee of its immoveable properties to Hall and Anderson Ltd., a public company, on 1st Dec., 1946, within the meaning of s. 12B(1) of the Indian IT Act, 1922.

2. THE assessee bearing the name, Hall and Anderson Limited, is a private company incorporated under the Indian Companies Act, 1913. It used to carry on business as general drapers, outfitters, furnishers and warehouse owners in Calcutta. On 29th Nov., 1946, it entered into an agreement for sale of all its properties and assets in Calcutta and Darjeeling to a new public company also bearing that name. The document executed in this connection shows that the vendors agreed to sell and the new company agreed to purchase w.e.f. 1st Dec., 1946, all the freehold land lying at 31, Chowringhee Road, and 1, Russell Street, Calcutta, together with all buildings, fixtures, furniture and other moveable property and the monthly tenancy of the premises at Commercial Road, Darjeeling, and all cash, bank and other balances, stock-in-trade, books debts, etc., belonging to the vendors including the benefit of any EPT refund and