MAHABIR INDUSTRIES Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) IN compliance with the directions of this court under Section 256(2) of the INcome-tax Act, 1961, the INcome-tax Appellate Tribunal, Allahabad, has stated a case and referred the following question stated to be of law and to arise out of the Tribunal's order dated January 21, 1978, passed in ITA No. 516 (Alld.) of 1976-77 for the assessment year 1973-74 for the opinion of this court :

(2.) WE have heard Sri V.K. Upadhya, learned counsel for the assessee, at whose instance this reference has been made, and Sri A.N. Mahajan, learned standing counsel for the Commissioner-respondent.

(3.) THE assessee's application under Section 256(1) having been dismissed, it approached this court and the Tribunal was directed to state a case and refer the question, as stated above, for the opinion of this court.