JUDGMENT :

P. Govindan Nair, J.-

1. At the instance of the assesses the income tax Appellate Tribunal, Cochin Bench, has referred the following question for our opinion :

Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the sale of Elangad estate by the assessee represented an adventure in the nature of trade resulting in a taxable profit of Rs. 1,70,175 ?

We may add that the assessee wanted the following question also to be referred to this court:

Whether, on the facts and circumstances of the case, the Tribunal was justified in rejecting the contention of the assessee that so long as the major portion of Yendayar estate remained unsold, the adventure, if any, was not concluded ?

2. The Tribunal observed that it was unnecessary to refer such a question separately as the question that was referred was comprehensive enough to cover the aspect "sought to be highlighted".

3. The year of assessment is 1960-61. The facts which lead up to the sale are narrated in paragraphs 2, 3, 4 and 5 of the statement of the case, and the entire statement of the case is appended to this judgment.

4. It is stated in paragraph 6 of the statement of the cas