COMMISSIONER OF INCOME TAX Vs. MAHENDRA KUMAR MODI

JUDGEMENT

(1.) AT the instance of the Revenue, the Income Tax Appellate Tribunal, New Delhi (for short, 'the Tribunal'), has referred under s. 256(1) of the IT Act, 1961 (for short, 'the Act'), the following questions for the opinion of this Court : 1. Whether, on the facts and in the circumstances of the case, the amount of remuneration at the rate of 1 per cent of the net profit of the company known as Modipon Ltd. agreed to the assessee so as the addition of Rs. 22,081 to the total income of the assessee for asst. yr. 1979-80?

(2.) THE reference pertains to the asst. yr. 1979-80. Since answers to both the questions stand concluded by decisions of this Court, we deem it unnecessary to deal with the issues raised by the Revenue afresh.