NAVNITLAL SAKARLAL Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE Tribunal has referred the following three questions to this Court under S. 256(1) of the IT Act, 1961 :

(2.) QUESTIONS Nos. 2 and 3 are covered by our decision rendered in IT Refs. Nos. 445 of 1980, 212 of 1982 and 213 of 1982 (CIT vs. Nandkishore Sakarlal (Indl.) (1993) 114 CTR (Guj) 352 : (1994) 208 ITR 14 (Guj). Following that decision, we answer question No. 2 in the negative and question No. 3 in the affirmative, that is, in favour of the assessee and against the Revenue. It may be stated that questions Nos. 2 and 3 were referred to this Court at the instance of the Revenue, whereas question No. 1 is referred at the instance of the assessee.