CIT Vs. JAY BEE INDUSTRIES

JUDGEMENT

(1.) This order shall dispose of ITR Nos. 163 to 166 of 1998, arising out of combined order dated 1-12-1997, passed by the Income Tax Appellate Tribunal, Amritsar Bench, Amritsar ('the Tribunal'), in ITA Nos. 1153 to 1155 (Asr.)/1990 and 49(Asr.)/1991, in respect of assessment years 1987-88 to 1989-90.

(2.) The Tribunal by exercising its power under Section 256(1) of the Income Tax Act, 1961 (hereinafter referred to as - the Act) has referred the following questions of law for determination of this Court:

(3.) It is appropriate to notice that first question is sought to have emerged in respect of assessment years 1987-88 to 1989-90 whereas second question relates to assessment year 1988-89.