COMMISSIONER OF INCOME TAX Vs. KIRKEND COAL COMPANY

JUDGEMENT

(1.) THIS tax case arises out of an order passed by this court under Section 256(2) of the Income-tax Act, 1961 (hereinafter to be referred to as "the Act" only), directing the Tribunal to state a case and refer the following questions of law for the opinion of this court :

(2.) THE Tribunal, on a review of the entire facts and circumstances of the case as also by reference to the books of account, sale deed and other cogent materials, came to the conclusion that :