PRAHLAD MALIRAM Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) D.B. Income-tax Cases Nos. 78, 79, 80, 81, 82, 83, 85, 86, 87, 88, 89, 90, 91, 92, 93, 97 and 98 of 1973 were decided by a common judgment passed by this court on December 14, 1976, as common questions of law arose in all the aforesaid cases. This court was pleased to direct the Income-tax Appellate Tribunal to draw up a statement of case and refer the question of law as given in its order to this court along with a statement of case for the assessment years 1955-56 to 1961-62 (Reference Case No. 102 of 1979). Similarly, this court, vide its order dated August 2, 1977, directed the Tribunal to draw up a statement of case and refer questions of law for the opinion of this court with respect to the assessment year 1966-67 (Reference Case No. 17 of 1978). By the same order dated August 2, 1977, this court directed the Tribunal to draw up a case and refer the question of law for its opinion for the assessment year 1968-69 (Reference Case No. 18 of 1978).

(2.) THE Income-tax Appellate Tribunal (hereinafter referred to as "the Tribunal") by its order referred the following three identical questions of law for the assessment years 1955-56 to 1963-64 :

(3.) SHRI Agrawal, learned counsel for the assessee, placed reliance on Mangi Lal Rungta v. CIT [1955] 28 ITR 167 (Pat), wherein a Division Bench of the Patna High Court observed as follows (p. 177):