COMMISSIONER OF INCOME TAX Vs. WIDIA INDIA LIMITED

JUDGEMENT

(1.) THE following three question are referred in these two references under the provisions of the Income-tax Act :

(2.) THE first question is covered by the decision of this court in CIT v. Motor Industries Co. Ltd. [1988] 173 ITR 374. Following the said decision, the first question is answered in the affirmative and against the Revenue.

(3.) THE relevant facts are gathered from the order of the Appellate Tribunal :