COMMISSIONER OF INCOME TAX Vs. ORWO LIMITED

JUDGEMENT

(1.) BY this reference 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 questions of law to this Court for opinion :

(2.) QUESTION No.1 is covered in favour of the assessee by the decision of this Court in C.I.T. v. Hico Products Pvt. Ltd. reported in (1993) 201 I.T.R. 567 and following the same, question No.1 is answered in the affirmative and in favour of the assessee.

(3.) THE reference is disposed of accordingly. No order as to costs.