LAWS(RAJ)-2002-10-12

WOLKEM PRIVATE LIMITED Vs. COMMISSIONER OF INCOME TAX

Decided On October 30, 2002
WOLKEM (P.) LTD. Appellant
V/S
COMMISSIONER OF INCOME-TAX Respondents

JUDGEMENT

(1.) THE Income-tax Appellate Tribunal, Jaipur, at the instance of the assessee, Wolkem Pvt. Ltd., has referred the following question of law for the opinion of this court:

(2.) THE background facts relevant for answering the instant reference, briefly stated are as follows :

(3.) THE Full Bench of the Gujarat High Court in CIT v. Bharat Iron and Steel Industries [1993] 199 ITR 67 analysing Section 41(1) observed that (page 79):