COMMISSIONER OF INCOME TAX Vs. MAHARAJA EXHIBITORS

JUDGEMENT

(1.) At the instance of the revenue, the following two questions have been referred to this court for its opinion under the provisions of section 256(1) of the Income-tax Act, 1961 (hereinafter referred to as 'the Act').

(2.) The facts, in a nutshell, giving rise to the present reference are as under:-

(3.) Before dealing with the question, one has to look at the provisions of sec.144B of the Act, which were in force at the relevant time. The said section is reproduced hereinbelow:-