COMMISSIONER OF INCOME TAX Vs. SHREE LAXMI MILLS

JUDGEMENT

(1.) BY this reference under S. 256(1) of the IT Act, 1961, the Tribunal has referred the following two questions of law at the instance of the Commissioner and one question at the instance of the assessee. The first two questions at the instance of Department are :

(2.) THE learned counsel for the Revenue fairly submits that in view of the decision of Supreme Court, in the case of Garden Silk Weaving Factory vs. CIT (1991) 94 CTR (SC) 136 : (1991) 189 ITR 512 (SC), the questions at the instance of the Revenue, are to be answered in the affirmative and in favour of the assessee. Both these questions are, therefore, answered accordingly.