(1.) This reference arises Out of an order made by the Income-Tax Appellate Tribunal, Delhi Bench on 27th September, 1960. The assessment year is 1951-52 for which She accounting year is the financial year ending on 31st March, 1951
(2.) The respondent who will hereafter be described as the assessee is a company. The question referred to this Court is :--
(3.) The circumstances in which the case has been placed before the Full Bench arc as follows:-