COMMISSIONER OF INCOME TAX Vs. VIMAL ELECTRIC COMPANY

JUDGEMENT

(1.) At the instance of the revenue the following question of law has been referred to this Court for its opinion under the provisions of sec. 256(2) of the Income-tax Act, 1961 (hereinafter referred to as 'the Act') by the Income Tax Appellate Tribunal, Ahmedabad Bench 'A'.

(2.) We have heard learned advocate Shri Mihir Joshi appearing for the revenue. Though served, nobody has appeared for the respondent assessee.

(3.) The facts which have given rise to the present reference, in a nutshell, are as under :