DIRECTOR OF INCOME TAX Vs. C AUDIKESAVALU NAIDU

JUDGEMENT

(1.) IN pursuance of the directions of this Court in T.C. No. 84 of 1997, dt. 13th Aug., 1997, the Tribunal has stated the case and referred the following question of law under S. 256(2) of the IT Act, 1961 :

(2.) THE assessment year involved is 1985-86.

(3.) WE heard Mr. T. Ravikumar, learned junior standing counsel for the Revenue and Mr. P.P.S. Janardhana Raja, learned counsel appearing for the respondent. We find that the issue raised in the question is covered against the Revenue by the decision of this Court in CIT vs. Kumudam Endowments (2000) 164 CTR (Mad) 312 : (2000) 242 ITR 159 (Mad), wherein this Court has held as hereunder :