- (1.) It is represented that the dispute is covered by the judgment of this Court in Escorts Ltd. V/s. Union of India, 1993 199 ITR 43. The matter is decided in favour of the revenue. Consequently, these appeals have to be allowed. As a result thereof, the judgment of the High Court in CIT V/s. Hico Products (P.) Ltd., 1991 187 ITR(Bom.) 517, is set aside and the writ petition stands dismissed. Further, the said reference answered by the High Court in Hico Products (P.) Ltd.s case (supra), in favour of the assessee is erroneous and the said reference is answered in favour of the revenue. The appeals are allowed in the above terms. No costs.;