COMMISSIONER OF INCOME TAX Vs. M UTTAM REDDY

JUDGEMENT

(1.) IN pursuance of the directions of this Court, the Tribunal has stated a case and referred the following question of law :

(2.) THE assessment year involved is 1977-78.

(3.) ACCORDINGLY , following the decision of this Court in M. Uttam Reddy's case (supra) and for the reasons stated therein, we answer the question of the law referred to us in favour of the Revenue and against the assessee. However, in the circumstances of the case, there will be no order as to costs.