VED AHUJA Vs. COMMISSIONER OF INCOME-TAX

JUDGEMENT

(1.) THIS reference under Section 256 (1) of the Income-tax Act, 1961 (for short "the Act"), pertaining to the assessment year 1976-77 has been made at the instance of Smt. Ved Ahuja (hereinafter called the assessee) and the following question of law has been referred to this court for its opinion :

(2.) WE may now briefly refer to the relevant facts.

(3.) AT this stage, we may notice the provisions of Section 64 (1) (iii) of the Act and the relevant clauses of the partnership deed dated September 1, 1974. They read as under ;