COMMISSIONER OF INCOME TAX Vs. JAMSHEDPUR COOPERATIVE STORS LTD

JUDGEMENT

(1.) THE present reference relating to asst. year 1972 -73 is concluded by a decision of this Court in the case of the Jamshedpur Co -operative Stores Ltd. vs. CIT (1985) 49 CTR (Pat) 134 : (1986) 157 ITR 127 (Pat) in which the very same question in respect for this very assessee had been referred to us for our opinion.

(2.) IN that reference we find that the Tribunal was justified in not allowing exemption in respect of the profit arising out of the dealings between the Society and its members to the total income of the assessee on the ground of mutuality. The same must be the answer to question No.1 in this reference.

(3.) BOTH the questions are thus answered in favour of the Revenue and against the assessee. Since in the earlier case, no cost had been awarded, the present reference is also disposed of without cost.