COMMISSIONER OF INCOME TAX Vs. BUILDERS UNION

JUDGEMENT

(1.) AT the instance of the Revenue, the following question has been referred to this court under Section 256(1) of the Income-tax Act, 1961 (in short "the Act"), by the Income tax Appellate Tribunal, Cuttack Bench (in short "the Tribunal") :

(2.) WE have heard Mr. Ray for the Department. In spite of notice, there is no appearance on behalf of the assessee. For effective adjudication of the question referred to us, it is necessary to refer to the relevant provisions contained in sections 184, 185 and 186. They read as follows :