COMMISSIONER OF INCOME TAX Vs. KHEMANI CHAMBERS

JUDGEMENT

(1.) At the instance of the revenue, the following question has been referred to this Court by the Income Tax Appellate Tribunal Ahmedabad Bench 'C' under the provisions of sec. 256(1) of the Income-tax Act, 1961 (hereinafter referred to as the Act).

(2.) Learned Counsel Shri BB Naik has appeared for the applicant whereas nobody has appeared for the respondent assessee.

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