COMMISSIONER OF INCOME-TAX Vs. YAMUNA SYNDICATE LTD

JUDGEMENT

(1.) THESE references relate to adjudication of questions of; law arising out of the order of the Tribunal with respect to the two assessment years 1975-76 and 1976-77. For the first assessment year, the following two questions of law stand referred :

(2.) FOR the second assessment year similar questions as reproduced above, with the modification of figures in question No. 1, were referred. A third question was also referred for the assessment year 1976-77 which is as under :

(3.) THE first two questions are already covered by the decision of this court in the cases reported as CIT v. Avery Cycle Industries (P.) Lid (No. 1) [1989] 178 ITR 173 ; CIT v. Usha Aggarwal [1989] 178 ITR 406 and CIT v. Tej Cloth Weaving Factory [1989] 178 ITR 474. Hence, the questions are answered in the negative and in favour of the assessee for the reasons recorded in the aforesaid cases.