BIKANER GYPSUM LIMITED Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THESE two references have been made by the Income-tax Appellate Tribunal, Delhi Bench 'B', under Section 66(1) of the Indian Income-tax Act, 1922 (hereinafter called the Act). The assessee in these two references is Messrs. Bikaner Gypsum Ltd., Bikaner (hereinafter called the assessee-company). The facts of these cases as submitted by the Tribunal in their statement of the case are practically the same; therefore, we propose to decide these references by one single judgment.

(2.) THE facts giving rise to these references, briefly stated, are these:

(3.) NOTICE of these references were given to the parties and elaborate arguments were addressed by the learned counsel for the parties.