JANSONS Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE Income-tax Appellate Tribunal, Bangalore Bench, has referred the following two questions under s. 256(1) of the I.T. Act, 1961 :

(2.) THE facts behind these legal formulation are :

(3.) WE will take up the second question first for consideration and, if that is answered against the assessee, the first question presents no problem and automatically finds its own answer.