COMMISSIONER OF WEALTH-TAX Vs. RAMA SHANKER GUPTA

JUDGEMENT

(1.) The Income-tax Appellate Tribunal, Allahabad, has referred the following two questions, relating to the assessment years 1972-73, 1974-75 and 1975-76, under Section 256(1) of the Income-tax Act, 1961 :

(2.) In respect of the assessment years 1977-78 and 1979-80 too, the very two questions are referred separately.

(3.) It is stated by learned counsel for the Revenue that the first question has to be answered against the Revenue and in favour of the assessee following the decisions of this court in CWT v. Ram Saran Kajriwal [1987] 168 ITR 485 and CWT v. Sri Ram Narain Garg [1988] UPTC 30. Accordingly, the first question is answered in the affirmative, i.e., in favour of the assessee and against the Revenue. We shall confine our consideration only to question No. 2.