COMMISSIONER OF INCOME TAX Vs. JAMNALAL AND SONS

JUDGEMENT

(1.) Heard Mr. A. S. Jaiswal, learned counsel for the applicant and Mr. C. J. Thakkar, learned counsel for the respondent.

(2.) These three applications filed by the Revenue under section 256(2) of the Income-tax Act, 1961 were admitted on the following questions of law :

(3.) As regards question No. 1 is concerned, in the assessee's own case for the earlier years being I. T. A. No. 35 of 1995, we have rejected similar question raised by the Revenue on April 21, 2007 CIT V/s. Jamnalal Sons Ltd., 2007 294 ITR 286Accordingly, question No. 1 raised in the present application is rejected.