MIHIR TEXTILES LIMITED Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE aforesaid reference has been made by the Tribunal, Ahmedabad 'C' Bench, Ahmedabad. From the statement of case submitted by the Tribunal, it appears that while three questions have been referred at the instance of the CIT, as many as seven questions have been referred to this Court for its decision at the instance of the assessee. The issues raised in this reference relate to the assessment of the assessee for the asst. year 1975 76.

(2.) THE questions referred to the opinion of this Court at the instance of the Revenue are reproduced hereinbelow :

(3.) WE also find that while question Nos. 1 and 2 referred to disallowance negatived by the Tribunal under S. 40A(5), no question has been framed with respect to disallowance under S. 40(c) for compensation payable to managing director. No question has been asked by the Revenue in reference application about the computation of remuneration paid to its managing director.