NAOZAR CHENOY Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) AT the instance of the assessee, the following questions are referred by the Tribunal :

(2.) THE facts in brief are as follows :

(3.) IN the light of the above, we answer the questions partly in the affirmative and partly in the negative, that is, partly in favour of the assessee and partly against the assesses.