USHA SALES LIMITED Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) AT the instance of assessee, following questions have been referred for opinion of this Court under s. 256(1) of the IT Act, 1961 (in short 'the Act') by the Income tax Appellate Tribunal, Delhi Bench 'C' (hereinafter referred to as the Tribunal) :

(2.) FACTUAL position need not be gone into in detail as issues involved in the questions have been directly dealt with by the apex Court. So far as the first question is concerned, decision of the apex Court in Bharat Commerce & Industries Ltd. vs. CIT (1998) 145 CTR (SC) 340 : (1998) 230 ITR 733 (SC) : TC S17.1878 will govern the question. Answer to the question, therefore, is in the negative, in favour of the Revenue and against the assessee. So far as the second question is concerned, also the decision of the apex Court in Smith Kline & French (I) Ltd. vs. CIT (1996) 219 ITR 581 (SC) : TC S18.1998 will govern the question. The answer to the question is in the negative, in favour of the Revenue and against the assessee. The reference stands disposed of.