MAHABIR PRASAD JAIN Vs. C.I.T.

JUDGEMENT

(1.) BY the reference application under Section 256(1) of the Income Tax Act 1961, the following questions have been referred for answer by this Court:

(2.) THE facts of the case lie in a narrow compass:

(3.) FROM perusal of the assessment order it reveal that the Assessing Authority has dealt with the matter in detail and recorded a finding after giving full opportunity of hearing to the assessee. The relevant portion of the assessment order is reproduced herein below: