COMMISSIONER OF INCOME TAX Vs. S RATNAM PILLAI

JUDGEMENT

(1.) THE following question of law is referred to this Court under Section 256(1) of the IT Act, 1961, at the instance of the CIT, Cochin :

(2.) TODAY when the matter came up for hearing, the learned counsel appearing for the applicant submits that this question is covered by the decision of the Supreme Court in Sea Pearl Industries and Ors. Etc. v. CIT (2001) 247 ITR 578 in favour of the Revenue and against the assessee. Though notice was served on the respondent/assessee, there is no appearance. It is seen from the appellate order of the Tribunal that the respondent/assessee did not appear there also.