COMMISSIONER OF INCOME TAX Vs. JOSE THOMAS

JUDGEMENT

(1.) THE assessee is an individual engaged in various business activities such as processing and export of sea foods, in the construction and sale of flats, shipping agency business and is also deriving income in the form of interest, dividend, etc. THE assessments involved in these two cases are for the assessment years 1990-91 and 1991-92. THEre is only one issue involved in I. T. A. No. 60 of 2001 which is for the assessment year 1990-91 and the substantial question formulated by us for decision in the appeal is the following :

(2.) HE income-tax reference., I. T. R. No. 111 of 1997, tHE Tribunal has referred tHE following four questions for decision of this court :

(3.) THE various figures available are the following :