COMMISSIONER OF INCOME TAX Vs. RAM MURTI MEHRA

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.) Counsel for the parties are agreed that the controversy in the above question now stands concluded in favour of the assessee by the decision of the Supreme Court inC.I.T. v. M.R. Doshi, 1995 211 ITR 1 and following the same, the question referred to us should be answered in the affirmative and in favour of the assessee. In view of the above, we answer the question referred to us accordingly in favour of the assessee.

(3.) The reference is disposed of accordingly.