COMMISSIONER OF INCOME TAX Vs. UTKARSH BUILDERS

JUDGEMENT

(1.) At the instance of the revenue, the following question of law has been referred to this court for its opinion by the Income Tax Appellate Tribunal, Ahmedabad Bench 'B' under the provisions of sec. 256(1) of the Income-tax Act, 1961 (hereinafter referred to as 'the Act') :

(2.) We have heard Sr. Standing Counsel Shri M.R. Bhatt for the applicant revenue. Nobody has appeared for the respondent assessee, though the respondent assessee has been duly served with the notice of this court.

(3.) The facts giving rise to this reference, in a nutshell, are as under :