CIT Vs. JAISWAL TRADING CO

JUDGEMENT

(1.) The Income Tax Appellate Tribunal, Allahabad has referred the following two questions of law under Section 256(1) of the Income Tax Act, 1961 (hereinafter referred to as 'the Act'), for opinion to this Court:

(2.) The reference relates to year 1986-87.

(3.) Briefly stated the facts giving rise to the present reference are asfollows: