ARVIND SHAMJI CHHEDA Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) The present reference is filed under Section 256 of the Income Tax Act, 1961 (the I.T. Act) and it pertains to assessment year 1988-89.

(2.) The assesse, an individual who was partner in a partnership firm at the material time, had filed an application seeking reference of ten questions. The following two questions have been since referred to this Court:-

(3.) Dr. Shivram, learned Senior Counsel appearing on behalf of the assessee stated that the only question that really requires to be answered is the question No.2. Before dealing with the said question, it would be necessary to advert to few facts.