CIT Vs. U.P. FOREST CORPN.

JUDGEMENT

(1.) THE Income Tax Appellate Tribunal, Allahabad has referred the following three questions of law under section 256(1) of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') for opinion to this court : '1. Whether on the facts and in the circumstances of the case, the Tribunal was justified, in law, in holding that the authorities below had gone wrong in holding that the sales were not within the territorial jurisdiction of the State of U.P.

(2.) WHETHER on the facts and in the circumstances of the case, the Tribunal was justified in law, in holding that the assessee -corporation was entitled to relief under section 10(20) of the Income Tax Act, 1961 and the additions were not liable to be made on this account?

(3.) IT is agreed between the learned counsel for the parties that the question Nos. 1 and 2 are to be answered in favour of the revenue and against the assessee in view of the decision of the Apex court in the case of CIT V. UP. Forest Corpn. : [1998]230ITR945(SC) .