COMMISSIONER OF INCOME TAX Vs. VAKHARIA AND CO

JUDGEMENT

(1.) BY this reference made under section. 256(1) of the Income -tax Act, 1961, at the instance of the Revenue, the Income -tax Appellate Tribunal has referred the following question of law for the opinion of this court :

(2.) IT is stated before us that this case is covered by the ratio of the decision of this court in CIT v. Lallubhai Nagardas and Sons : [1993]204ITR93(Bom) . Following the same, it is answered in the negative and in favour of the Revenue.