COMMISSIONER OF INCOME TAX Vs. PRATHI HARDWARE STORES

JUDGEMENT

(1.) ON being moved by the Revenue by an application under Section 256(1) of the Income-tax Act, 1961 (in short, "the Act"), the Income-tax Appellate Tribunal, Cuttack Bench, Cuttack (in short, "the Tribunal"), has referred the following question to this court for opinion:

(2.) THE background facts as culled out from the statement of case are as follows :