COMMISSIONER OF INCOME TAX Vs. I T C LTD

JUDGEMENT

(1.) At the instance of the Commissioner of Income-tax, West Bengal-II, the following question of law has been referred to this court under Section 256(1) of the Income-tax Act, 1961, for the assessment year 1960-61 :

(2.) This question is concluded by the decision of this court in the case of CIT v. Karam Chand Thapar and Bros. [1981] 131 ITR 175. Following the said decision, we answer this question in the affirmative and in favour of the assessee.

(3.) The other question which has been referred to this court at the instance of the assessee is as follows :