COMMISSIONER OF INCOME TAX Vs. MUTUAL STEEL INDUSTRIES

JUDGEMENT

(1.) THE question referred to us at the instance of the Revenue by the Tribunal, Bombay Bench "E", reads as under:

(2.) SHRI Jetley has fairly stated that the answer to be given is, as far as this High Court is concerned, concluded by its decision in CIT vs. Janardhan Zarapkar (1982) 27 CTR (Bom) 188 : (1982) 138 ITR 482, which decision was based on a consideration of the observations in the Supreme Court's case. In accordance with that decision in Janardhan's case (supra) we answer the question in the affirmative and in favour of the assessee. Parties to bear their respective costs of the reference.