RATANLAL RAMPRASAD Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) AS directed by this court, the I. T. 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, are briefly as follows:

(3.) HAVING heard learned counsel for the parties, we have come to the conclusion that this reference must be answered in the negative and in favour of the assessee. Before we proceed to appreciate the contentions advanced on behalf of the parties, it would be useful to refer to the following observations of the Supreme Court in Anantharam Veerasinghaiah and Co. v. CIT [1980] 123 ITR 457 (p. 461):