COMMISSIONER OF INCOME TAX Vs. SHANTILAL AGARWALLA

JUDGEMENT

(1.) THESE four taxation cases arise out of four assessment orders passed against the same assessee in respect of four assessment years, 1966-67, 1967-68, 1968-69 and 1969-70. In all the four cases similar question has been referred by the Income-tax Appellate Tribunal (hereinafter to be referred to as "the Tribunal ") under Section 256(1) of the I.T. Act, 1961 (hereinafter to be referred to as "the Act"), for the opinion of this court, and, as such, they are being disposed of by a common order. . In Taxation Cases Nos. 28 and 29 of 1974, the question referred to this court for opinion is as follows :

(2.) SAME question has been referred in the other two taxation cases for the other two assessment years.

(3.) SUB-section (1) of Section 263 of the Act, which is relevant for the present case, is as follows :