NARMADA DEVI Vs. COMMISSIONER OF INCOME-TAX

JUDGEMENT

(1.) The Income Tax Appellate Tribunal, Patna Bench, Patna has made the instant Reference under Sec. 256 (1) of the Income Tax Act, 1961 on the following substantial questions of law:-

(2.) Both the questions can be answered together, for primarily it is the second question which arises for consideration.

(3.) In Keshav Mills Co. Ltd. v. CIT, (1965) 2 SCR 908 (7 Judge bench), the Court held as under: