CIT Vs. ISHWAR SARAN GUPTA

JUDGEMENT

(1.) THE Income Tax Appellate Tribunal has referred the following question of law under section 256(1) of the Income Tax Act, 1961 (hereinafter referred to as 'the Act) for opinion to this court : 'Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was legally correct in holding that the assessee is entitled to investment allowance under section 32A of the Income Tax Act, 1961 ?'

(2.) THE present reference relates to the assessment year 1987 -88.

(3.) WE have heard Sri A.N. Mahajan, learned standing counsel for the revenue. Nobody has appeared for the respondent -assessee.