1992 (2) TMI 49

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....x Appellate Tribunal, Cuttack Bench, Cuttack (in short, " the Tribunal "), has referred the following question to this court : "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was correct in holding that the Commissioner of Income-tax was not justified in treating the order of the Income-tax Officer as erroneous and prejudicial to the interests of the Revenue ....

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....al to the interests of the Revenue. The Tribunal referred to the decision of the Supreme Court in CIT v. J. K. Hosiery Factory [1986] 159 ITR 85, and held that two interpretations being possible, the interpretation that is favourable to the assessee was to be adopted. With this conclusion, the order of the Commissioner of Income-tax was set aside. Thereafter, on being moved, this reference has bee....