COMMISSIONER OF INCOME TAX Vs. U D MORARJI

JUDGEMENT

(1.) BY this reference under section 256(1) of the Income Tax Act, 1961 the Income Tax Appellate Tribunal has referred the following question of law to this Court for opinion at the instance of revenue:

(2.) IT is stated by the learned counsel for the revenue that the controversy in the above question stands concluded by the latest decision of the Supreme Court in the case of Escort Farms (Ramgarh) Ltd. Vs. C.I.T., reported in (1996) 222 ITR 509. We have considered the decision of the Supreme Court referred to above and we are satisfied that the controversy in the above question stands concluded in favour of the revenue.

(3.) THIS reference is disposed of accordingly. There shall be no order as to costs.