COMMISSIONER OF INCOME TAX Vs. KAMLA TOWN TURST

JUDGEMENT

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

(2.) The reference relates to the Assessment Year 1972-73.

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