DINESH MILLS LTD Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) AT the instance of the assessee, the following questions arising out of the order passed by the Tribunal, Ahmedabad Bench "B" have been referred to this Court for its opinion under the provisions of S. 256(1) of the IT Act, 1961 (hereinafter referred to as 'the Act'): At the instance of the assessee :

(2.) MR . J.P. Shah, learned advocate has appeared for the assessee and Mr. M.R. Bhatt, learned standing counsel has appeared for the Revenue.

(3.) SO far as question No. 1 which has been referred at the instance of the assessee is concerned, it has been submitted that the said question has already been answered against the assessee in the case of CIT vs. Rohit Mills Ltd. (1996) 132 CTR (Guj) 556 : (1996) 219 ITR 228 (Guj). Looking to the law laid down by this Court in the aforesaid judgment, we answer the said question in the affirmative i.e., against the assessee and in favour of the Revenue.