COMMISSIONER OF INCOME TAX Vs. ALEMBIC DISTRIBUTORS LIMITED

JUDGEMENT

(1.) THE Tribunal has referred to this Court for opinion the following two questions as questions of law under S. 256(1) of the IT Act, 1961 :

(2.) IN so far as question No. 1 is concerned, counsel are agreed that the question requires to be answered in the negative and in favour of the assessee in view of our Court's decision in CIT vs. Indokem (P) Ltd. (1981) 22 CTR (Bom) 268 : (1981) 132 ITR 125. The question is so answered.

(3.) NO order as to costs.