PATEL CHEMICAL WORKS Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) At the instance of the assessee, the following question has been referred to this court for its opinion by the Income Tax Appellate Tribunal, Ahmedabad Bench 'C' under the provisions of sec. 256(2) of the Income-tax Act, 1961 (hereinafter referred to as 'the Act') :

(2.) Learned advocate Shri J.P. Shah has appeared for the applicant-assessee whereas Sr. Standing Counsel Shri M.R. Bhatt has appeared for the respondent-revenue.

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