COMMISSIONER OF INCOME TAX Vs. RAM LAL HIRALAL

JUDGEMENT

(1.) AT the instance of the Revenue the Tribunal, Delhi Bench 'D', has referred under S. 256(1) of the IT Act, 1961 (for short the Act) the following question for our opinion :

(2.) THE reference pertains to the asst. yr. 1977-78. Since answer to the question referred stands concluded by the decision of the Supreme Court in Brij Mohan Das Laxman Das vs. CIT (1997) 138 CTR (SC) 214 : (1997) 223 ITR 825 (SC), we deem it unnecessary to state the facts. In the said decision the Supreme Court has held as under :