2001 (6) TMI 813

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....NT (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 Income-tax Act, 1961 in the hands of....

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.... 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 note that even while not accepting the major ....