MODIPON LTD. Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) IN this reference under s. 256(1) of the IT Act, 1961, the following questions of law arise for our opinion :

(2.) IN respect of question No. 1, the admitted position is that in view of the decision of this Court in J.K. Synthetic Ltd. is required to be answered in the negative in favour of the assessee and against the Revenue.

(3.) INSOFAR as the second question is concerned, this is also admittedly required to be answered in the negative, in favour of the assessee and against the Revenue in view of the decision of this Court in Modipon Ltd. vs. CIT (2004) 192 CTR (Del) 110 : (2004) 270 ITR 257 (Del).