(1.) The following question of law was referred to the Special Bench of the Income-tax Appellate Tribunal (Bombay)(page 55) :
(2.) The above question was answered against the assessee. Hence, the assessee-Cadell Weaving Mill Co. P. Ltd. has come by way of Income-tax Reference No. 123 of 1996. The above question is also raised in conjoint matters. Hence, by this common judgment, all the above matters are disposed of.
(3.) Facts :