KANHYALAL AND RAMSWAROOP Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) BY this reference under Section 256(1) of the LT. Act, 1961 (hereinafter referred to as " 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 briefly are as follows :