GLAXO LABORATORIES Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) The following two questions have been referred to this Court by the Income Tax Appellate Tribunal under section 256(1) of the Income Tax Act 1961 at the instance of the assessee :-

(2.) So far as the question no.1 is concerned, Mr Mistry submits that though the above question involves important question of law, in view of the fact that the reference pertains to the assessment year 1977-78 and the amount involved is relatively small, he has instructions not to press the above question. In view of the above, question no.1 is returned unanswered. Reference is disposed of accordingly. No costs.