G.K. MITTER, J.

1. IN this reference the question involved is whether in computing the income of a company which received a certificate of commencement of business on 21st June, 1951, but actually took over a business on 1st Dec., 1951, the profit and loss for the period 1st Jan., 1951 to 31st Dec., 1951 can be taken into account in view of the fact that the promoter of the company had entered into an agreement with a third person formerly owning the business to be entitled to the profit and loss, if any, from 1st Jan., 1951.

2. THE facts lie within a very short compass. On 29th March, 1951, one B. L. Lahoty entered into an agreement with Duncan Brothers and Co. Ltd., agents of the Indian Tea Co. of Cacher Ltd. owning a tea garden in Assam by the name of Rosekandy Tea Estate to purchase the said estate as a going concern subject to a good marketable title being made out as from 1st Jan., 1951, together with all moveable and immoveable properties, etc., attached to or belonging to the tea estate and quota rights but excluding all stocks, stores, manures, tea chests, coal, oil, consumer goods, foodstuff and clothing as shown in the books of the company as on the date of the h