1998 (12) TMI 52

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....medabad Bench-A, three questions have been referred to this court for its opinion arising out of the appellate order in ITA No. 726/Ahd. of 1981 for the assessment year 1976-77. The two questions referred at the instance of the Revenue and another question referred to this court at the instance of the assessee, respectively are as under At the instance of the Commissioner of Income-tax--- "(....

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....4B of the Act ?" The Tribunal has found that the business activity of the assessee at the material time consisted of purchase of grey cloth, colour, chemicals, etc., and subjecting that cloth to bleaching, dyeing, printing, calendering, starching and then selling it as finished products like "printed chhint" by claiming that the assessee is engaged in the business of manufacturing textiles and ....