COMMISSIONER OF INCOME-TAX Vs. SARASWATI BAI JAISWAL

JUDGEMENT

(1.) THIS is an appeal preferred under Section 260a of the Income-tax Act, 1961 (hereinafter referred to as "the Act" ). This appeal was admitted on the following substantial questions of law:

(2.) MR. Sumit Nema, learned counsel appearing for the assessee-respondent, submitted that the controversy involved in this case is no more res integra inasmuch as this court in I. T. R. No. 123 of 1998 (CIT v. Smt. Saraswati Jaiswal [2003] 264 ITR 358) decided on February 5, 2003, has answered the reference preferred by the Revenue under Section 256 (2) of the Act against the Revenue and in favour of the assessee.

(3.) MR. Rohit Arya, learned counsel for the Revenue, made enormous strenuous endeavour to distinguish the aforesaid decision. Regard being had to the submissions raised at the Bar and the laborious attempt made by learned counsel for the Revenue and upon bestowing our anxious consideration and referring to the decision rendered in the case of Smt. Saraswati Jaiswal [2003] 264 ITR 358, we have no iota of doubt in our mind that the decision rendered in the aforesaid case would apply on all fours and in full force to the present case. We may profitably refer to paragraphs 7 and 8 (page 365) of the earlier order. They read as under :