LAWS(P&H)-1990-11-50

GIRDHARI LAL BHARGAVA Vs. COMMISSIONER OF WEALTH TAX

Decided On November 05, 1990
GIRDHARI LAL BHARGAVA Appellant
V/S
COMMISSIONER OF WEALTH TAX Respondents

JUDGEMENT

(1.) THE following question of law is before us on a reference by the assessee:

(2.) IT is the undisputed position that a similar question under the IT Act, 1961 ('the Act') has already been considered by a Full Bench of this Court in CIT vs. Patram Dass Raja Ram Beri (1981) 24 CTR (P&H) 258 : (1981) 132 ITR 671, and in another Division Bench judgment of this Court in Haryana Iron & Stell Rolling Mills vs. CIT (1986) 51 CTR (P&H) 219 : (1987)164 ITR 779. Besides this, even their Lordships of the Supreme Court have also adjudicated upon a similar question under the Act in Gujarat Travancore Agency vs. CIT (1989) 77 CTR (SC) 174 : (1989) 177 ITR 455 : 44 Taxman 278. It has been ruled therein as under: