COMMISSIONER OF INCOME TAX Vs. O K INDUSTRIES

JUDGEMENT

(1.) THE Revenue wants answer to the following questions which is divided three fold :

(2.) THE same view is elaborated by the Income-tax Appellate Tribunal in paragraph 13 of its order. We find that the explanation is concurrently accepted by the two fact-finding authorities and, therefore, it would be too much in the day to consider the submissions spelt out through the questions that the matter should have been remanded. THEre is no error in the concurrent consideration of the question and even otherwise with regard to a situation relating to the assessment year 1976-77 dealt with by the Income-tax Officer by order dated September 17, 1979, and by order of the first appellate authority dated May 16, 1980, reinforced by the Tribunal by its order dated April 19, 1982, the situation needs no kind of disturbance. For the above reasons, we answer the question in the affirmative, against the Revenue and in favour of the assessee.