H N MEHROTRA Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) The Income-tax Appellate Tribunal, Allahabad, has referred the following question of law under Section 256(2) of the Income-tax Act, 1961 (hereinafter referred to as "the Act"), for the opinion to this court :

(2.) The reference relates to the assessment years 1977-78, 1978-79, 1979-80, 1980-81, 1984-85 and 1985-86.

(3.) Briefly stated, the facts giving rise to the present reference are as follows :