SHREYABEN R MUKHARJEE Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE Income -tax Appellate Tribunal has referred to us for our opinion the following question under section 256(1) of the Income -tax Act, 1961 :

(2.) AS held by this court in Income -tax References Nos. 21 and 22 of 1978, decided on June 15, 1981, and Income -tax Reference No. 35 of 1980 (Alembic Chemical Works Ltd. (No. 1) v. CIT : [1992]194ITR497(Guj) , decided today, the above question is directly covered by the decision of the Supreme Court in CIT v. Dalmia Investment Co. Ltd. : [1964]52ITR567(SC) and CIT v. Gold Co. Ltd. : [1970]78ITR16(SC) . We, therefore, do not consider it necessary to set out the facts involved in this reference. Respectfully following the aforesaid decisions of the Supreme Court and for the reasons recorded in our judgment in Income -tax Reference No. 35 of 1980, we answer the question which has been referred to us for our opinion, in the affirmative and against the assessee. Reference answered, accordingly, with no order as to costs.