COMMISSIONER OF INCOME TAX Vs. NAGPUR STEEL AND ALLOYS P LTD

JUDGEMENT

(1.) On an application of the Revenue under Section 256(1) of the Income-tax Act, 1961, the following questions have been referred as questions of law arising out of the order of the Tribunal for the opinion of this court:

(2.) The controversy raised in the first question is covered by a decision of this court in Presidency Medical Centre (P) Ltd. v. CIT [1977] 108 ITR 838. Following the said decision, we answer the question in the affirmative and in favour of the assessee.

(3.) The controversy in question No. (2) is also covered by a decision of this court in CIT v. Oyster Packagers (P) Ltd. [1985] 152 ITR 471. Following the said decision, we answer the question in the affirmative and also in favour of the assessee. There will be no order as to costs.