COLOUR CHEM LIMITED Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) BY this reference under S. 256(1) of the IT Act, 1961 ("Act") made at the instance of the assessee, the Tribunal, Bombay Bench, Bombay has referred the following questions of law to this Court for opinion :

(2.) SO far as question No. 1 is concerned, it is covered in favour of the Revenue by the decision of this Court in Carona Sahu Co. Ltd. vs. CIT (1995) 123 CTR (Bom) 497 : (1995) 213 ITR 106 (Bom) : TC 11PS.16. Accordingly, following the same, we answer the above question in the negative and in favour of the Revenue.

(3.) SO far as question No. 5 is concerned, the counsel for the assessee submits that having regard to the paucity of facts, he is not in a position to pursue the same. He, therefore, does not want to press the same. The said question is, therefore, returned unanswered.