COMMISSIONER OF INCOME TAX Vs. PUTCO PRIVATE LIMITED

JUDGEMENT

(1.) Three questions stand referred to us in this reference. The same are :

(2.) As far as questions (i) and (ii) are concerned, counsel are agreed that the answers to be given to them are concluded in favour of the assessee by decision of this Court in Addl. CIT, Bombay City-I v. Putco Pvt. Ltd. (1982) 28 CTR (Bom) 256 : (1983) 140 ITR 740 (Bom) which was a reference involving this very assessee. Counsel is also agreed that answer to be given to question (iii) would also have to be in favour of the assessee particulary in view of the answer given to question (i). Accordingly, the questions referred to us are answered as under : Question (i) : In the affirmative and in favour of the assessee. Question (ii) : In the affirmative and in favour of the assessee. Question (iii) : In the affirmative and in favour of the assessee.

(3.) Parties, however, to bear their own costs of the reference.