COMMISSIONER OF INCOME TAX Vs. RAGHAVJI VEERJI

JUDGEMENT

(1.) ALL these seven similar matters have been referred to the Full Bench of this court on account of conflicting decisions of the main seat at Jabalpur and of the Indore Bench in the cases of CIT v. Sumermal Gopichand [1997] 226ITR 456 (M.C.C. No. 564 of 1991, decided on 15-4-1996), (by main seat at Jabalpur) and CIT v. Shree Tea Co. [1997] 226 ITR 445 and CIT v. Satpal Vijay Kumar [1997] 226 ITR 449 (decided by the Indore Bench).

(2.) IT has been brought to our notice that recently the Supreme Court has resolved the controversy in the case of Allied Motors (P.) Ltd. v. CIT [1997] 224 ITR 677. IT has been held as under (headnote) :