DY CIT Vs. ASSOCIATED JOURNALS LTD

JUDGEMENT

(1.) The present Income-tax Appeal filed under Section 260A of the Income Tax Act, 1961 (hereinafter referred to as - the Act) has been admitted vide order dated 1-9-2007 on the following substantial question of law:

(2.) Briefly stated the facts giving rise to the present appeal are as follows:

(3.) We have heard Sri D.D. Chopra, learned senior standing Counsel for the revenue Sri J.N. Mathur, learned Counsel has put in appearance for the respondent-assessee.