ADDITIONAL COMMISSIONER OF INCOME TAX Vs. MADRAS CEMENTS LIMITED

JUDGEMENT

(1.) AT the instance of the Additional Commissioner of Income-tax, Madras, the Income-tax Appellate Tribunal, Madras Bench, had referred the following question for the opinion of this court in T.C. No. 376 of 1974:

(2.) THE question referred to in T.C. No. 423 of 1974 runs as follows:

(3.) WHILE referring to a decision of the Court of Appeal in Jarrold's case reported in [1963] 1 WLR 214, the Supreme Court observed (page 48):