AJAI KUMAR SINGH,J. - (1.) THE following solitary question has been referred in this case: Whether the Income -tax Appellate Tribunal was legally correct in holding that the bottles and crates in the assessee's case did not constitute its stock -in -trade and should be treated as plant
(2.) WE have heard learned Counsel for the assessee who has submitted that the following three decisions of three different High Courts, which have all answered a similar question in favour of the assessee: (1) CIT v. Prern Nath Monga Bottlers P. Ltd. : [1997]226ITR864(Delhi) ; (2) CIT v. Margadarsi Chit Fund P. Ltd. : [1997]227ITR646(AP) ; and (3) CIT v. Saurashtra Bottling P. Ltd. : [1998]232ITR270(Guj) . We have not been shown any reason to take a different view. We, therefore, answer the question referred to against the Department and in favour of the assessee. Reference disposed of.;