SHIV NARAIN KARMANDRA Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THIS is a reference under section 256(2) of Income Tax Act, 1961. Three questions have been referred but in this reference we are concerned only one question which read as under :

(2.) HEARD Sri V.K. Upadhaya for the assessee and Sri A.N. Majahan, for the revenue.

(3.) WE , therefore, answer the question in the affirmative, i.e., against the assessee and in favour of the revenue.