BELPAHAR REFRACTORIES LIMITED Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

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

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