COMMISSIONER OF INCOME TAX Vs. MODI INDUSTRIES

JUDGEMENT

(1.) PURSUANT to the direction given by the High Court under Section 256(2) of the Income-tax Act, 1961 (briefly the Act), the Income-tax Appellate Tribunal drew up a statement of the case and referred the following question relating to the assessment year 1971-72 for the opinion of this court :

(2.) IN its order dated May 7, 1977, relating to the assessment years 1967-68 and 1968-69, the Appellate Tribunal observed as under ;

(3.) WE, therefore, answer the aforementioned question in the affirmative, that is, in favour of the assessee and against the Revenue.