2001 (6) TMI 813

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....l for the Respondent, JUDGEMENT (Per : MR.JUSTICE A.R.DAVE) The following two questions have been referred to this Court for its opinion by the Income Tax Appellate Tribunal, Ahmedabad Bench 'A', under the provisions of sec. 256(2) of the Income-tax Act, 1961. 1. "Whether, on the facts and in the circumstances of the case, no question of assessing profits u/s 41(2) of the....

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....n referred to this court, has been answered in the negative to a limited extent i.e in favour of the revenue and against the assessee whereas question No. 2 has been answered in the affirmative i.e. in favour of the revenue and against the assessee. Paragraphs 20 and 21 of the said judgment, which are relevant for our purpose, are reproduced herein below : "20. Before concluding, we must ....

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....question No. 1 is in the negative to the above extent i.e. in favour of the revenue and against the assessee. Our answer to question No. 2 is in the affirmative to the above extent i.e. in favour of the revenue and against the assessee." 4. In view of the decision referred to hereinabove and as the questions, which have been referred to this court have been finally concluded, we answer question....