BOMBAY CLOTH SYNDICATE Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) AT the instance of the assessee as many as ten questions were referred to this Court under S. 256

(2.) SHRI L. S. Dewani, learned counsel for the assessee, has not pressed questions Nos. 1 and 2 arising out of the order relating to penalty imposed by the IAC, and any of the three questions arising out of the order relating to penalty imposed by the AAC. Question No. 3 is reframed by consent of the parties.

(3.) THE basic facts are :