K N RAZDAN Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) This appeal arises from the Judgement of the Calcutta High court in Income-tax Reference No. 221 of 1987 answering the questions referred in favour of the Revenue and against the assessee. The question referred is to the following effect:

(2.) It appears that this reference came up for hearing in the first instance on 5.10.1988, when it was said to have been disposed of in favour of the assessee following the decision in Reference Case No. 266 of 1985 pertaining to this very assessee, but relating to an earlier assessment year.

(3.) As a matter of fact, yet another Reference Case (being No. 268 of 1983 pertaining to this very assessee for a different assessment year was also disposed of along with Reference Case No. 266 of 1985. Subsequently, it appears that all the said orders were recalled on 31.08.1989, and the matters reheard and the impugned Judgement delivered on 12.03.1992, now answering the references against the assessee and in favour of the Revenue. It is stated that the Judgement under appeal covers all the three reference cases aforesaid.