MADHAVRAO J SCINDIA Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) AT the instance of the assessee, the following two questions of law have been referred to this Court for opinion under S. 256(1) of the IT Act, 1961, in respect of asst. year 1973 -74 :

(2.) AS far as question No. 1 is concerned, both the learned counsel for the parties state that the controversy involved in this question is squarely covered by the decision of this Court in Meherbhai N. Sethna vs. CIT (1995) 123 CTR (Bom) 420 : (1994) 209 ITR 453 (Bom) : TC 39R.651. Accordingly, question No. 1 is answered in the affirmative i.e., in favour of the Revenue and against the assessee.

(3.) REFERENCE stands disposed of accordingly with no order as to costs.