MEERA AND COMPANY Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE following questions were referred :

(2.) THE learned counsel for the parties are agreed that all the three questions stand concluded against the assessee by a decision of the Division Bench of this court in (Meera & Company v. CIT [1979] 120 ITR 564 (P & H)). Accordingly, all the three questions are answered in the affirmative, that is, against the assessees and in favour of the Revenue. Learned counsel for the assessees, however, urges that the earlier decision is under challenge in the Supreme Court. We are answering the questions not on the concession of the assessees and it would, therefore,: be open to them to challenge this judgment as well.