LAWS(KER)-1991-3-20

COMMISSIONER OF INCOME TAX Vs. ANTONY MENDEZ

Decided On March 14, 1991
COMMISSIONER OF INCOME-TAX Appellant
V/S
ANTONY MENDEZ Respondents

JUDGEMENT

(1.) THE Income-tax Appellate Tribunal, Cochin Bench, has referred the following question of law to this court under Section 27(1) of the Wealth-tax Act, 1957 ("the Act" for short) :

(2.) WHEN the reference came up before the Division Bench of two of us, namely, Paripoornan and K. A. Nayar JJ., i -was felt that the question referred did not truly reflect the matter in controversy and, accordingly, this court amended the question referred and formulated the following question of law as the real question arising for decision :

(3.) SINCE the defect notified was not rectified, the bank reminded the company in March 1966, stating that if no reply was received about the rectification of the defect within 15 days, the bank will be constrained to take further action against the company under the Foreign Exchange Regulation Act, 1947.