COMMISSIONER OF INCOME TAX Vs. SUNDARAM INDUSTRIES LIMITED

JUDGEMENT

(1.) AT the instance of the Revenue, the following four questions have been referred to this court for its opinion by the Income-tax Appellate Tribunal :

(2.) COMING to question No. (ii), we find that the question stand covered by a decision of this court in CIT v. Karuppuswamy Nadar & Sons [1979] 120 ITR 140, which is against the Revenue. Following the said decision, which is applicable to the facts of this case, the question is answered in the affirmative and against the Revenue.

(3.) T. C. P. No. 299 of 1982 :