COMMISSIONER OF INCOME TAX Vs. SHYAM LAL RAMCHARAN

JUDGEMENT

(1.) BY this reference under Section 256(1) of the Income-tax Act, 1961 (hereinafter referred to as "the Act"), the Income-tax Appellate Tri bunal, Indore Bench, has referred the following questions of law to this court for its opinion :

(2.) THE material facts giving rise to this reference briefly are as follows ;

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