COMMISSIONER OF INCOME TAX Vs. M S MENON

JUDGEMENT

(1.) THE substantial questions of law that arise in the present reference are as follows :

(2.) A question of law similar to the above came up for consideration before this court in the case of CIT v. M. S. Menon in Tax Cases Nos. 1653 to 1665 of 1977 and 506 to 509 of 1981 and this court has answered the reference against the Revenue. That decision is reported in [1987] 168 ITR 125. The relevant portion in the headnote of that decision is extracted below :