COMMISSIONER OF INCOME TAX Vs. DESAI N N

JUDGEMENT

(1.) THE Tribunal has referred the following question to this Court under S. 256(1) of the IT Act, 1961 :

(2.) THE short facts leading to the making of this reference are as under :

(3.) IN this view of the matter, the question involved here is directly covered by the judgment of the Supreme Court in CIT vs. B. C. Srinivasa Setty (1981) 21 CTR (SC) : (1981) 128 ITR 294 (SC).