COMMISSIONER OF INCOME TAX Vs. P M KAUL

JUDGEMENT

(1.) ON being moved by the Revenue for reference, the Income -tax Appellate Tribunal, Delhi Bench -D (in short, 'the Tribunal'), has referred the following question, under Section 256(1) of the Income -tax Act, 1961 (in short, 'the Act'), for the opinion of this court :

(2.) THE factual position in a nutshell is as follows :

(3.) THE stand of the Revenue is that pension does not qualify for exemption. It is however fairly accepted that in the case of Dr. P.L. Narula to which the Tribunal had made reference, this court had upheld the Tribunal's conclusion in CIT v. Dr. P.L. Narula : [1984]150ITR21(Delhi) . Following the reasons indicated in the said case, with which we are in agreement, the question referred is answered in the affirmative, in favor of the assessed and against the Revenue.