COMMISSIONER OF INCOME TAX Vs. CASTROL LIMITED

JUDGEMENT

(1.) TWO questions of law have been referred to this Court by the Tribunal at the instance of the Department. They read thus :

(2.) COUNSEL are agreed that the second question has to be answered in the negative and in favour of the Revenue in view of the Full Bench judgment of this Court in CIT vs. Carona Sahu Co. Ltd. (1984) 38 CTR (Bom) 219 : (1984) 146 ITR 452. Counsel are also agreed that if the second question is answered in the negative and in favour of the Revenue, the first question would become academic and need not, therefore, be answered. In the above view of the matter, the first question is not answered and the second question is answered in the negative and in favour of the Revenue. No order as to costs.