COMMISSIONER OF INCOME TAX Vs. STANDARD MERCANTILE COMPANY

JUDGEMENT

(1.) THIS is a reference under S. 256 (2) of the IT Act of 1961. The assessment year is 1962 -63. The question referred to us for our opinion is -

(2.) THE present question referred to us is concluded by a Division Bench decision of this Court in the case of the present assessee in CIT vs. Standard Mercantiles Co. (1984) 42 CTR (Pat) 334 : (1985) 153 ITR 105 (Pat). That was also a reference under S. 256 (2) of the IT Act and that question referred to this Court in that reference was as follows :

(3.) THE same matter had cropped up before another Bench of this Court to which one of us (Uday Sinha,J.) was a party being Tax Case Nos. 172, 174 and 186 of 1976 of the IT Act decided on 26th Feb., 1986 and the decision reported as CIT vs. Standard Mercantile Co. (supra) was followed by that Bench.