P M C SUBRAMONIAN CHETTIAR Vs. CIT

JUDGEMENT

(1.) The question referred to us by the Income Tax Appellate Tribunal, Cochin Bench is in these terms:-

(2.) The above finding of the Tribunal we are not prepared to say is based on no relevant material. There is a clear finding by she Tribunal and that, we think, discharges the burden which must be undertaken by the department and on the facts of the case we think it is the principle of the decision of the Supreme Court in D. M. Manasvi v. Commissioner of Income Tax, Gujarat II ((1972) 86 ITR 557) that should apply.

(3.) We accordingly answer the question referred to us in the affirmative that is, in favour of the department and against the assessee. We direct the parties to bear their respective costs.