BMCO TRANSFORMERS LIMITED Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THREE questions are posed at the instance of the assessee and they read thus :

(2.) IT is agreed that the first and third questions must be answered in the negative and in favour of the Revenue in view of the Supreme Court's judgment in Lohia Machines Ltd. vs. Union of India (1985) 44 CTR (SC) 328 : (1985) 152 ITR 308. The questions are so answered. In view of the answer to the third question, it is unnecessary to consider the second question, and it is not, accordingly, answered.