BADIANI L P Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE question referred to us by the Tribunal for the asst. yrs. 1967 68, 1968 69 and 1969 70 reads as under :

(2.) IT may be mentioned that a similar reference is already pending for the asst. year 1962 63, but due to some technical difficulty, the said reference has not yet been numbered. We have been told that the Tribunal had given detailed judgment for the said assessment year whilst disposing of a similar contention of the assessee in IT Application No. 7516 of 1967 68. That judgment has been perused by us and we are in substantial agreement with what the Tribunal has observed in paragraphs 6 and 7 of the said appellate judgment. However, we will set down a few facts to dispose of the present reference. The reference for the earlier year will be required to be disposed of in accordance with our present decision after the same is duly numbered.

(3.) THE aforesaid claim was rejected by the ITO. The view of the ITO was subsequently confirmed both by the AAC and at the later stage by the Tribunal. Sec. 2(22)(e) provides as under :