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Section 256 of the Income-tax Act, 1961 [Corresponding to section 66(2) of the Indian Income-tax Act, 1922] - High Court - Reference to - Assessment year 1950-51 - Petitioner/assessee filed instant application under section 66(2) of 1922 Act seeking to raise question whether there was any material for holding that a part of sum invested in partnership business started by assessee's son was income received by assessee from undisclosed sources - Whether, on facts, a question of law did arise for consideration under section 66(2) of 1922 Act - Held, yes FACTS The petitioner/assessee filed instant application under section 66(2) of 1922 Act seeking to raise the question whether there was any material for holding that a part of sum invested in partnership business started by the assessee's son was income received by the assessee from undisclosed sources in the relevant accounting year. HELD On facts of case, it was opined that a question of law did arise for consideration of the Court. Accordingly, the Tribunal was directed to state the case and refer it to the Court under section 66(2) of 1922 Act. CASE REFERRED TO Mehta Parikh & Co. v. CIT [1953] 24 ITR 207 (Bom.). JUDGMENT M.S. Menon, J.-This is a petition under section 66(2) of the Indian Income-tax Act, 1922, for requiring the Income-tax Appellate Tribunal (Madras Bench) to state a case and refer the same to this court. The assessment year concerned is 1950-51 (accounting period: year ending 31st March, 1950), and the questions of law which according to the petitioner arise out of the order of the Appellate Tribunal in I.T.A. No. 582 of 1955-56 are: "(1)Whether in the circumstances of the case there was any material for holding that a sum of Rs. 30,000 out of Rs. 60,000 invested in the partnership business started by the assessee's sons on 18th August, 1949, was income received by the assessee…

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