ASHWIN VANASPATI INDUSTRIES Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) The applicant-assessee had proposed the following four questions of law under Section 256(1) of the Income Tax Act,1961 (hereinafter referred to as 'the Act') :

(2.) However, the Income Tax Appellate Tribunal, Ahmedabad Bench, "C" has raised and referred the following question, which in its opinion takes within its sweep all the aspects raised by the proposed question :

(3.) The assessee is a Private Limited Company carrying on business of manufacturing vegetable ghee and various types of oil. The assessment years are 1980-81 and 1981-82 and the relevant accounting periods are years ended on 30/6/1979 and 30/6/1980 respectively.