COMMISSIONER OF INCOME TAX Vs. CHET RAM

JUDGEMENT

(1.) In this petition under section 256(2) of the Income Tax Act, 1961 , the petitioner is seeking reference of two questions of law to this court.

(2.) For the view that we are taking, it is not necessary to refer to the facts in any great detail. The assessment year in question is 1969-70. For the earlier assessment year 1967-68, similar questions of law were sought to be raised and by judgment dated July 16, 1987, passed in ITC Nos. 158 of 1986 and 163 of 1986, CIT V/s. Chet Ram and Sons, 1988 174 ITR 177 , two questions of law, which were similar to the questions sought to be raised in the present case, were directed to be referred to this court.

(3.) Following the said decision, we direct the Tribunal to state the case and refer the following two questions of law to this court :