UDYAN GAJJAR Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

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

(2.) QUESTION No. 1 has been referred at the instance of the assessee whereas questions Nos. 2, 3 and 4 have been referred at the instance of the Revenue. We need not state the facts as in view of the decision of the Supreme Court in K. P. Varghese vs. ITO (1981) 24 CTR (SC) 358 : (1981) 131 ITR 597, questions Nos. 2, 3 and 4 are required to be answered in the affirmative, i.e., in favour of the assessee and against the Revenue. In view of the answers to questions Nos. 2, 3 and 4, we do not think it fit to answer question No. 1. We, therefore, decline to answer that question. Reference is disposed of accordingly with no order as to costs.