COMMISSIONER OF INCOME TAX Vs. RAJESHWARI PRASAD

JUDGEMENT

(1.) THESE are four references under Section 256(1) of the Income-tax Act, 1961 ("the Act "). In these references, we are concerned with the assessment years 1968-69 to 1971-72. The facts are common to all the four references. So are the questions referred to us for our opinion. The question referred to us in Taxation Cases Nos. 170 and 171 of 1976 is as follows :

(2.) THE very same question forms question No. 1 in Taxation Cases Nos. 175 and 176 of 1976. THE second question referred to us in the latter two references is :

(3.) MR. B.P. Rajgarhia, learned senior standing counsel for the petitioner, submitted that the present cases fall within the expanse of the decision of the Supreme Court in Surjit Lal Chhabda v. CIT [1975] 101 ITR 776, while learned counsel for the assessee, on the other hand, contended that the cases fall within the ambit of N.V. Narendranath v. CWT [1969] 74 ITR 190 (SC). Let us see how matters stand.