COMMISSIONER OF INCOME TAX Vs. MADRAS FERTILIZERS LTD

JUDGEMENT

(1.) THE two questions referred before us are :

(2.) AT the outset, the learned counsel for the assessee very fairly states that as for the first question, the matter is covered against the assessee by a decision in Gnanambikai Mills Ltd. vs. CIT (1998) 150 CTR (Mad) 673 : (1998) 232 ITR 434 (Mad) : TC S17.1850. The learned senior standing counsel also points out the same. In that view, that question is answered against the assessee and in favour of the Revenue.