(1.) AT the instance of the Commissioner of Income-tax, Jodhpur, the following question has been referred by the Income-tax Appellate Tribunal, Jaipur Bench, Jaipur ("the Tribunal" herein), for the opinion of this court :
(2.) THIS question is said to arise out of the order of the Tribunal dated May 31, 1978, passed in I.T.A. No. 1277(JP)/1977-78, in respect of the assessment years 1965-66 and 1967-68.
(3.) NOW, we may notice the relevant provisions of the Act.