COMMISSIONER OF INCOME TAX Vs. G SAGAR SURI

JUDGEMENT

(1.) Heard. The questions which are sought to be raised in this petition arise as a consequence of the decision in ITR Nos. 241 and 242 of 1983 which are still pending in this Court. In view thereof, we direct the Tribunal to state the case and refer the following two questions of law to this Court:

(2.) Whether, on the facts and in the circumstances of the case, the Income -tax Appellate Tribunal is correct in upholding the order of the Commissioner of Income -tax (Appeals) directing exclusion of loss of Ganga Sagar Suri & Sons from the computation of the assessable income of the assessee?