CHINTAN N PARIKH Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) The Income Tax Appellate Tribunal, Ahmedabad Bench "B" has raised the following identically worded question of law for the opinion of this Court in both the aforesaid References.

(2.) . As the facts and controversey are common we heard both the references together and dispose of by this common judgment. We have taken the facts from the Income Tax Reference No.185 of 1986 wherein the assessee was represented by learned Advocate Shri J.P.Shah. Mr.K.H.Kaji, appearing for the assessee in Income Tax Reference No.95 of 1987 has adopted the arguments advanced by Mr.J.P.Shah. Mr.Akil Qureshi, learned Standing Counsel for the revenue has appeared on behalf of the Commissioner of Income Tax in both the matters.

(3.) . The assessees are individuals. The assessment year involved is 1980-81 and the relevant accounting period is calendar year ended on 31/12/1979.