SARAYA ENGINEERING WORKS Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) AT the instance of the assessee, the following question has been referred to us under Sub-section (2) of Section 256 of the Income-tax Act, 1961 :

(2.) THIS reference is confined to the year 1969-70.

(3.) IN the second appeal taken by the assessee before the INcome-tax Appellate Tribunal, the Appellate Tribunal has said :