CIT Vs. PREM CHAND

JUDGEMENT

(1.) WE have heard Shri A.N. Mahajan, learned counsel for appellant and Shri Vikram. Gulati, learned counsel appearing for the respondent.

(2.) THIS is an ITR under section 256(1) of the Income Tax Act, 1961 in which the following question has been referred to us for our opinion 'Whether on the facts and in the circumstances of the case, the Tribunal was legally correct in upholding the order of the Appellate Assistant Commissioner of Income Tax excluding the share income from M/s. Shamli Service Station, Shamli from the hands of the HUF v. Prem Chand & Sons ?'

(3.) THE question referred to us, therefore, is answered in affirmative, i.e., in favour of the assessee and against the department.