COMMISSIONER OF INCOME-TAX Vs. SIGMA PAINTS LTD

JUDGEMENT

(1.) BY this reference under section 256(1) of the Income-tax Act, 1961, the Income-tax Appellate Tribunal has referred the following question of law to this Court for opinion at the instance of revenue:

(2.) THIS reference pertains to assessment year 1978-79. The material facts giving rise to this reference are as under :

(3.) THE question referred to us in this case is thus squarely covered by the above decision. Following the same, we answer the question in the negative i.e. in favour of revenue and against the assessee.