COMMISSIONER OF INCOME TAX Vs. BASUDEOPRASAD BUDHNA

JUDGEMENT

(1.) This reference pertains to the asst. yr. 1967-68. The following question has been referred to us for determination u/s 256(1) of the IT Act, 1961 :

(2.) This is an accepted position that in view of the decision of the Supreme Court in the case of K. P. Varghese V. ITO, Ernakulam & Anr. reported in (1981) 24 CTR (SC) 358 : (1981) 131 ITR 597 (SC) the question before us must be answered in the negative, that is to say, in favour of the assessee and against the department.

(3.) There will be on order as to costs.