TULSIDAS KILACH Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) There are two questions in this reference under s. 256(1) of the IT Act, 1961, made at the instance of the assessee. The first question reads thus :

(2.) Counsel are agreed that it is covered by the decision of this court in I.T.R. No. 203 of 1970, R. Kilachand, Bombay v. CIT, delivered on 12-2-1979 by Chandurkar and Desai, JJ. Following that judgment, the 1st question is answered in the affirmative and in favour of the assessee.

(3.) The question reads thus :