COMMISSIONER OF INCOME TAX Vs. BIJAY KISHORE KAPOOR

JUDGEMENT

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

(2.) THE background facts as culled out from the statement of case drawn up by the Tribunal and the orders annexed thereto are to the following effect :