COMMISSIONER OF INCOME TAX Vs. BALVANTRAI VITHALDAS SHAH

JUDGEMENT

(1.) THE Tribunal has referred to us, for our opinion, the following question :

(2.) IT is not necessary to set out the facts involved in this reference since the question which has been referred to us is directly covered by the decisions of this Court in CIT vs. Mohanbhai Pamabhai (1973) 91 ITR 393, which is confirmed in CIT (Addl.) vs. Mohanbhai Pamabhai (1987) 165 ITR 166 by the Supreme Court and CIT vs. Jayantilal Laxmichand (IT Ref. No. 111 of 1974, decided on September 4, 1975). Following the said decisions and for the reasons recorded therein, we answer the question which has been referred to us for our opinion in the affirmative and against the Revenue. Reference answered accordingly with no order as to costs.