KORU Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THIS is a reference by the Income -tax Appellate Tribunal, Madras Bench, under Section 66(1) of the Indian Income -tax Act, 1922, Counsel for the assessee and the department are agreed that the second of the two questions referred has not been dealt with in the order of the Appellate Tribunal and that the said question need not be answered by us.

(2.) THE first question referred which alone arises for consideration reads as follows:

(3.) THE statement of the case in so far as it relates to question under consideration is in the following terms: