COMMISSIONER OF INCOME TAX Vs. REGALATRE

JUDGEMENT

(1.) AT the instance of the revenue, the following question has been referred for opinion of this Court under S. 256(1) of the IT Act, 1961 ('the Act') by the Tribunal, Delhi Bench-D :

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

(3.) IN view of the decision of the apex Court in CIT vs. Patel Bros. and Co. Ltd. (1995) 126 CTR (SC) 132 : (1995) 215 ITR 165 (SC) : TC 68R.202 our answer to the question referred is in the affirmative, in favour of the assessee and against the Revenue.