COMMISSIONER OF INCOME TAX Vs. SEHGAL BROS

JUDGEMENT

(1.) HEARD the counsel for the parties.

(2.) AT the instance of the Revenue, the Tribunal has referred the following question to this Court for its opinion:

(3.) IN Wazid Ali Abid Ali vs. CIT (1988) 169 ITR 761/ (1987) 35 Taxman 180A, the Supreme Court agreeing with the High Court observed as under: