MIHIR TEXTILE LIMITED Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THIS reference is at the instance of the assessee under section 256(1) of the Income Tax Act. The following questions of law have been referred to this court :

(2.) LEARNED counsel appearing for the assessee and revenue do not dispute that the questions Nos. 1,2,3, and 5 are covered by the decisions of the Supreme Court and High Court.

(3.) THE question No. 2 is concluded against the assessee by the decision in New India Industries Ltd. v. CIT : [1993]203ITR933(Guj) and Mihir Textile v. CIT : [1997]225ITR327(Guj) .