AIR INDIA Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) BY this reference under s. 256(1) of the IT Act, 1961 (`the Act'), the Tribunal has referred the following questions of law to this Court for opinion:

(2.) THE learned counsel for the Revenue has fairly informed the Court that both the questions are covered by the decision of the Supreme Court in the case of Vania Silk Mills (P) Ltd. vs. CIT (1991) 98 CTR (SC) 153 : (1991) 191 ITR 647 (SC), in favour of the assessee. In view of the above statement and following the said decision we answer both questions in the affirmative and in favour of the assessee. No order as to costs.