COMMISSIONER OF INCOME TAX Vs. MUNJAL SHOES CO

JUDGEMENT

(1.) IN pursuance of the directions issued by this court under Section 256(2) of the INcome-tax Act, 1961, the INcome-tax Appellate Tribunal at the instance of the Revenue, has referred the following two questions for the opinion of this court :

(2.) WHETHER, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was correct in law in holding that the assessee was entitled to the deduction of the sum of Rs. 34,971 in the computation of its income ?"

(3.) FOLLOWING the aforesaid decisions of the Supreme Court both the questions referred to this court are answered in the affirmative, in favour of the assessee and against the Revenue.