COMMISSIONER OF INCOME TAX Vs. LAKHMICHAND MUCHHAL

JUDGEMENT

(1.) BY this reference under Section 256(1) of the I.T. Act, 1961 (hereinafter called "the Act"), the Income-tax Appellate Tribunal, Indore Bench, has referred the following question of law to this court for its opinion :

(2.) THE material facts giving rise to this reference as set out in the statement of the case briefly are as follows :

(3.) IN our opinion, therefore, the answer to the question referred to us is in the affirmative and in favour of the assessee. Parties shall bear their own costs of this reference.