COMMISSIONER OF INCOME TAX Vs. RAMESH KHANNA

JUDGEMENT

(1.) AT the instance of the Revenue, the following question has been referred by the Income -tax Appellate Tribunal, Delhi Bench -B ("the Tribunal" in short), under S. 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.) LEARNED counsel for the Revenue submitted that the Tribunal lost sight of the requirement of s. 3(1)(c) and, therefore, the ITO's as well as the AAC's view should have been accepted.