GRINDLAYS BANK PLC Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) The Tribunal has referred the following question of law under Section 256(1) of the Income-tax Act, 1961, to this court :

(2.) In this proceeding the assessment year involved is 1979-80 for which the relevant year of account is the year ended on December 31, 1978.

(3.) The facts found by the Tribunal as contained in the statement of case are as under :