GIRDHARI LAL SARAF Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE Tribunal, Jaipur Bench, Jaipur, made this reference under S. 256(1) of the IT Act, 1961, thereunder, two questions, reproduced below, have been referred for the Court's opinion at the instance of the assessee :

(2.) LEARNED counsel for the parties are in agreement that the first question referred by the Tribunal, Jaipur Bench, Jaipur, for this Court's opinion is squarely covered by the judgment of the apex Court in the case of V.M. Salgaocar & Bros. vs. CIT (2000) 160 CTR (SC) 225 : (2000) 243 ITR 383 (SC), in favour of the assessee.

(3.) HAVING gone through the statement of the case and the judgment of their Lordships of the apex Court in the case of V.M. Salgaocar & Bros. vs. CIT (supra), we are satisfied that the first question referred for the opinion of this Court by the Tribunal stands concluded in favour of the assessee. Accordingly, the question No. 1 is answered in favour of the assessee and against the Revenue. As a result of the opinion on question No. 1, the question No. 2 becomes redundant and thus no necessity to give any opinion on this question. This reference, accordingly disposed of. However, in the facts of this case no order as to costs.