CIT Vs. EMKAY GLASS WORKS

JUDGEMENT

(1.) The Income Tax Appellate Tribunal, New Delhi, has refer-red the following two questions of law under section 256(2) of the Income Tax Act, 1961 (hereinafter referred to as the Act) for opinion to this Court:

(2.) The reference relates to the assessment year 1984-85.

(3.) Briefly stated, the facts giving rise to the present reference are as follows: