Reframed income-tax reference answered against the assessee, with the High Court adopting the connected case reasoning.

The Madhya Pradesh High Court answered the reframed income-tax reference against the assessee and in favour of the Revenue. The Court adopted the reasons given in the connected reference decided the same day and recorded that the answer to the question was in the negative. The reference was thus conclusively disposed of adversely to the assessee, with the parties left to bear their own costs.

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Issues: Whether the reframed question in the income-tax reference was to be answered in favour of the assessee.

Analysis: The Court answered the reframed question by adopting the reasons stated in the connected reference decided the same day and recorded that the answer was in the negative.

Conclusion: The question was answered against the assessee and in favour of the Revenue.

Final Conclusion: The reference was conclusively answered adversely to the assessee, with parties left to bear their own costs.

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