High Court ruling favors Revenue on tax issue, citing precedent.

The High Court of Bombay did not answer the first question referred by the Tribunal but ruled in favor of the Revenue by answering the second question in the negative. The court relied on a previous Full Bench judgment to support its decision.

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The High Court of Bombay delivered a judgment on two questions referred by the Tribunal regarding income tax assessment. The first question was not answered, and the second question was answered in the negative in favor of the Revenue. The court cited a previous Full Bench judgment in support of its decision. (Case citation: 1988 (12) TMI 14 - BOMBAY High Court)

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