COMMISSIONER OF INCOME TAX Vs. COL GUMAN SINGH

JUDGEMENT

(1.) ON an application filed under S. 256(1) of the IT Act, 1961, the Tribunal has referred the following question :

(2.) AT the outset, learned counsel for the assessee clearly admits that now the issue has been concluded by their lordships in the case of Singhai Rakesh Kumar vs. Union of India & Ors. (2000) 164 CTR (SC) 483 : (2001) 247 ITR 150 (SC). While considering the Explanation inserted to cl. 1A of S. 2 by Finance Act, 1989, which made effective from 1st April, 1970, after quoting the Explanation their lordships observed at p. 155, which reads as under :