COMMISSIONER OF INCOME TAX Vs. GABRIEL INDIA LIMITED

JUDGEMENT

(1.) THE only question of law raised in this reference at the instance of the Department is this :

(2.) COUNSEL are agreed that the issue involved herein in this reference is squarely covered by the Supreme Court decisions in the case of CIT vs. Andhra Prabha P. Ltd. (1986)54 CTR (SC) 313 : (1986) 158 ITR 416 and in the case of Shree Sajjan Mills Ltd. vs. CIT (1985)49 CTR (SC) 193 : (1985) 156 ITR 585(SC) and that following these decisions, the question must be answered in the affirmative and in favour of the assessee.