COMMISSIONER OF INCOME TAX Vs. SINGH TRANSPORT CO

JUDGEMENT

(1.) THE question referred to us by the Income-tax Appellate Tribunal, "the Tribunal" for short, under Section 256(1) of the Income-tax Act, 1961, "the Act" for short, as fashioned by the Tribunal reads:

(2.) SHORTLY put, the necessary facts, leading up to the present reference by the Tribunal, are:

(3.) AS the point referred relates to a true and proper construction of Section 32 of the Act the relevant extracts of the provisions are quoted: