COMMISSIONER OF INCOME TAX Vs. INARCO LIMITED

JUDGEMENT

(1.) THE two questions to be, answered in this reference relate to the asst. year 1972 73. They read thus :

(2.) THE first question must be answered in the negative and in favour of the Revenue, having regard to the judgment in Vazir Sultan Tobacco Co. Ltd. vs. CIT (1981) 25 CTR (SC) 186 : (1981) 132 ITR 559 (SC). The second question, it is agreed, is covered by the decision in CIT vs. Century Spg. and Mfg. Co. Ltd. 1977 CTR (Bom) 132 : (1978) 111 ITR 6 (Bom). The question is, accordingly, answered in the affirmative and in favour of the assessee. No order as to costs.