JAIPURIA BROS LTD Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

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

(2.) This case has a little history. The relevant assessment year involved in this reference is the assessment year 1956-57 and the corresponding previous year is the calendar year 1955. The case had come up for hearing to this court on an earlier occasion and by an order dated July 29, 1980, the Tribunal was directed to file a supplementary statement of case. The direction was as under :

(3.) The Tribunal has filed a supplementary statement of case in which arguments advanced on behalf of the Revenue as well as on behalf of the assessee have been recorded but the Tribunal stated that: