ETHNOR LIMITED Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) ALL these four IT references under S. 256(1) of the IT Act, 1961 were heard together and are disposed of by this common judgment, as common issues are involved in all these referenceS.

(2.) QUESTIONS raised in each of the references are as follows :

(3.) TO answer question NoS.2 and 3, in IT Ref. No. 170 of 1987, question No. 3 in IT Ref. No. 31 of 1989, and the common question raised in IT Ref. No. 460 of 1987, and IT Ref. No. 323 of 1988 it would be necessary to set out few relevant factS.Since the facts in all the references are more or less similar, for the sake of convenience, we have taken the facts in IT Ref. No. 170 of 1987 for answering the aforesaid questionS.