COMMISSIONER OF INCOME TAX Vs. SUDHA TRANSPORTS

JUDGEMENT

(1.) IN this tax case reference under section 256(1) of the INcome-tax Act, 1961, at the instance of the Revenue, the following question of law has been referred to this court for its opinion :

(2.) WE find that the Appellate Assistant Commissioner, in the course of his order, has stated that there is no evidence made available by the Revenue to establish that a higher value had been received by the assessee in respect of the sale of the buses. The conclusion has not been disturbed by the Tribunal. Under those circumstances, in view of the decision reported in CIT v. Shivakami Co. P. Ltd. , applying the principle laid down in K. P. Varghese v. ITO to cases arising under section 52(1) of the Income-tax Act, 1961, the question has to be answered in the negative and against the Revenue. There will no order as to costs.