COMMISSIONER OF INCOME TAX Vs. LAKHI GEMS

JUDGEMENT

(1.) ON an application filed under S. 256(1) of the IT Act, 1961, the Tribunal has referred the following questions for the opinion of this Court :

(2.) AT the outset, learned counsel for the assessee submits that identical questions have been considered by this Court in the case of ITO vs. Novelty Garments (2002) 175 CTR (Raj) 306 wherein this Court has dismissed the appeal of the Revenue. Learned counsel for the Revenue has not controverted this fact.