GANGESHWAR LTD. Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

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

(2.) THE admitted position is that both the issues are covered in favour of the Revenue and against the assessee. The first issue is covered by the decision of the Supreme Court in CIT vs. Patel Bros. & Co. Ltd. (1995) 126 CTR (SC) 132 : (1995) 215 ITR 165 (SC) and the second issue is covered by the decision of this Court in Gangeshwar Ltd. vs. CIT (2002) 174 CTR (Del) 569 : (2002) 254 ITR 589 (Del).

(3.) UNDER the circumstances, we answer the reference in the affirmative (sic -negative), in favour of the Revenue and against the assessee. The reference is disposed of accordingly.