COMMISSIONER OF INCOME TAX Vs. DEEP CHAND

JUDGEMENT

(1.) These references at the instance of the Revenue have been made under Section 256(1) of the Income Tax Act, 1961 ( hereinafter referred to as 'the Act' ) by the Income-tax Appellate Tribunal, Delhi Bench 'A', Delhi ( hereinafter referred to as 'the Tribunal' ), for the opinion of this Court on the following question :-

(2.) The basic fact of the matter is not in dispute. FACTS OF ITR NO. 478 OF 1983 :-

(3.) Section 2(14)(iii) of the Act reads thus :-