POPULAR LTD Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THIS reference under Section 66 (1) of the Income-tax Act raised two questions:

(2.) THE decision of the Supreme Court in Navinchandra Mafutial v. Commissioner of Income-tax, Bombay, (S) , (A) concludes the first question. We answer the first question in the negative and against the assessee.

(3.) THE determination of what constituted the written down value of the buses sold by the assessee company really depends for its answer on the provisions of Section 10 (5) of the Act, which alone defined what the written down value means.