COMMISSIONER OF INCOME TAX Vs. G.S. DUGAL

JUDGEMENT

(1.) AT the instance of the Revenue, the following two questions are referred to this Court for determination :

(2.) IT is fairly stated by learned counsel for the Revenue that question No. 1 is covered by the decision of Punjab & Haryana High Court in the case of Oswal Woollen Mills Ltd. vs. CIT (1979) 12 CTR (P&H) 111 : (1980) 122 ITR 789 (P&H) and accordingly, it is required to be decided against the Revenue.

(3.) SO far as question No. 2 is concerned, it is dependent on the answer that may be given to question No. 1. Since we have answered question No. 1 against the Revenue, second question is not required to be answered. Accordingly, the reference stands disposed of with no order as to costs.