COMMISSIONER OF INCOME TAX Vs. DAMODARDAS MURARILAL

JUDGEMENT

(1.) BY this reference under Section 256(1) of the Income-tax Act, 1961 (for short, "the Act"), the Income-tax Appellate Tribunal, Indore Bench, Indore, 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 the case of Sardarilal Bhasin [1989] 179 ITR 307 (MP), it was held (headnote) :