COMMISSIONER OF INCOME TAX Vs. ASIAN TECHS LIMITED

JUDGEMENT

(1.) THIS reference at the instance of the Revenue arises out of the order passed by the Income tax Appellate Tribunal, Cochin Bench, in I.T.A. No. 172/Coch of 1989. The relevant assessment year is 1984-85. The following questions are referred for the opinion of this court:

(2.) WHETHER, on the facts and in the circumstances of the case, the Circular No. 372 dated December 8, 1983 , KAKA BA AND KALA BUDH PUBLIC CHARITABLE TRUST v. COMMISSIONER OF INCOME-TAX, 1984 146 ITR 9, item XIV-paragraph 22.5) has correctly interpreted the provision of law ?"

(3.) THE relevant portion of the KAKA BA AND KALA BUDH PUBLIC CHARITABLE TRUST v. COMMISSIONER OF INCOME-TAX, 1984 146 ITR 9, is as follows :