MALIK, CJ. :- The Income, tax Appellate Tribunal has referred the following two questions for opinion :

(1) Whether in the circumstances of the case the profits from the sale of three gold bars sold on 27th April 1943, arose from an adventure in the nature of she trade within the meaning of S. 2(4), Income-tax Act, and was liable to income-tax ?

(2) Whether the profits arising from the transaction of the sale of gold bars made on 27th April 1943, could be taxed before the entire profits from the sale of the gold bare were daterminable ?"

2. The assessee Messrs. Lalitram Mangilal, Proprietor Budhoo Lal of Kanpur, status, individual carries on business in cloth in Kanpur. In the account year ending June 1943, assessment year 1944-45, he had on 29th October 1942, purchased one gold bar at Rs. 61-8-0 per tola, two gold bars on 30th October 1942, at Rs. 61-11.0 per tola and five gold bars on 6th November 1942. at Rs. 61-9-0 per tola. Three bars, out of those purchased, were sold by the assessee on 27th April 1943 at Rs. 89-8-0 per tola. In July 1943, the eldest daughter of the assessee was married and he utilised two bars in getting ornaments made for the marriage. The remaining t