COMMISSIONER OF INCOME TAX Vs. SONALI BANK

JUDGEMENT

(1.) THE following question of law has been referred by the Tribunal to this Court under s. 256(1) of the IT Act, 1961 ('the Act') :

(2.) THE assessment year involved is 1980-81 for which the relevant accounting period is the calendar year ended on 31st Dec., 1979 The facts found by the Tribunal are as under :

(3.) WE are of the view that the Tribunal has taken the correct view of the matter. The question, therefore, is answered in the affirmative and in favour of the assessee.