COMMISSIONER OF INCOME TAX Vs. POLYCHEM LIMITED

JUDGEMENT

(1.) THIS reference at the instance of the Department raises the following question:

(2.) COUNSEL are agreed that the issue involved herein is squarely covered by the Supreme Court decision in the case of Scientific Engineering House Pvt. Ltd. vs. CIT (1985) 49 CTR (SC) 386 : (1986) 157 ITR 86, and that the question has to be answered in the affirmative and in favour of the assessee.