COMMISSIONER OF INCOME-TAX Vs. SOCIETY HOSIERY FACTORY

JUDGEMENT

(1.) THE question of law referred for the opinion of this court is as under :

(2.) THE matter raised here is covered by the reasoning as set forth in the judgment of this court in CIT v. Mela Ram Jagdish Raj and Co. [1981] 132 ITR 897, which was later affirmed by the Full Bench of this court in CIT v. Mohinder Lal [1987] 168 ITR 101. Following these judgments, the reference is answered in the negative, in favour of the Revenue and against the assessee. There will be no order as to costs.