PHOOLCHAND GAJANAND Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE Income-tax Appellate Tribunal, vide its order dated July 8, 1977, passed in exercise of the powers under Section 256 of the Income-tax Act, 1961 (hereinafter to be referred to as "the Act"), referred the following question of law for the opinion of this court at the instance of the assessee :

(2.) ON the basis of the said reference, ITR No. 831 of 1977, was registered in this court.

(3.) THE matter came up before the Full Bench consisting of Hon'ble Dr. Justice B.N. Misra, Hon'ble Mr. Justice Om Prakash and Hon'ble Dr. Justice R. R. Misra and the Full Bench answered the question referred, vide its decision dated December 20, 1988 (Phool Chand Gajanand v. CIT [1989] 177 ITR 265). THE opinion of the Full Bench is as quoted here-under (at p. 275) :