COMMISSIONER OF INCOME TAX Vs. INDIAN OXYGEN LTD

JUDGEMENT

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

(2.) In this case, the assessment year involved is 1972-73 for which the relevant accounting year is the year ending on September 30, 1971.

(3.) In view of the judgment of this court, in the case of CIT v. Eastern Spinning Mills Ltd. [1980] 126 ITR 686, question No. 1 is answered in the affirmative and in favour of the assessee.