VIKRAM MILLS LIMITED Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) IN IT Ref. No. 72 of 1984 the following two questions have been framed for the opinion of this Court :

(2.) IN IT Ref. No. 73 of 1984 the following three questions have been framed for the opinion of this Court:

(3.) SO far as question No. 1 in both references is concerned, it is covered by a decision of this Court in Addl. CIT vs. Rohit Mills Ltd. (1976) 104 ITR 132 (Guj) : TC 16R.1040 approved by the Hon'ble Supreme Court in Arvind Mills Ltd. vs. CIT (1992) 106 CTR (SC) 237 : (1992) 197 ITR 422 (SC) : TC 16R.1033. The question was decided in favour of Revenue and against the assessee. Accordingly, the question is decided in the affirmative i.e., against the assessee and in favour of the Revenue.