COMMISSIONER OF INCOME TAX Vs. J K BANKERS

JUDGEMENT

(1.) THE Tribunal, Allahabad, has under S. 256(1) of the IT Act, 1961, referred the following questions stated to be of law and to arise out of its order passed in ITA No. 377/All/1975 -76 for the asst. yr. 1971 -72 for the opinion of this Court :

(2.) WE have heard Sri A.N. Mahajan, learned counsel for the CIT, and Sri R.S. Agarwal, learned counsel for the respondent.

(3.) AT the instance of the CIT, the aforesaid questions have been referred by the Tribunal for the opinion of this Court.