Looks good - definitely not at 40's/50's frameset though. Likely to be 70's 80's run of the mill Italian lugged frameset.
The seatpost size should give you a clearer idea on the tubing type but don't expect miracles - probably Columbus Aelle/Thron tubing and not worth much.
Thanks, Vince. At least it is not a half a century old piece of junk. Recieved some more info from the seller yesterday: "I dont'know the tubing brand maybe old Falck or Reynolds. The seat tube is 27mm of diameter the weight is appox 1,5 KG".
Found this on ebay lately. Any ideas?
http://www.ebay.it/itm/Old-vintage-40s-50s-italian-PISTA-TRACK-frameset-Milano-/141553242384?ssPageName=ADME:X:AAQ:IT:1123