COMMISSIONER OF INCOME TAX Vs. INSTRUMENTATION LIMITED

JUDGEMENT

(1.) THE Income-tax Appellate Tribunal, Calcutta Bench-A, Camp at Jaipur, has referred the following three questions of law arising out of its order dated February 17, 1981, for the assessment year 1976-77 :

(2.) THE brief facts of the case are as under :

(3.) RELIANCE has also been placed on Empire Jute Co. Ltd. v. CIT [1980] 124 ITR 1 (SC), wherein a member of the association purchasing loom hours from another member was held entitled to deduction in respect of the price paid as revenue expenditure.