1991 (2) TMI 92

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....LA J. -This is a reference at the instance of the Department. The proceedings relate to the assessee's assessment for the years 1968-69, 1969-70 and 1970-71. The Tribunal has referred to this court the following three questions of law under section 256(1) of the Income-tax Act, 1961 : Assessment year 1968-69 : " 1. Whether, on the facts and in the circumstances of the case, the Tribunal was ....

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....ent in CIT v. Indokem Private Ltd. [1981] 132 ITR 125, the first question requires to be answered in the affirmative and in favour of the assessee. The question is so answered. Counsel are also agreed that the issue involved in the second question is covered by our court's judgment in the case of CIT v. Colour-Chem Ltd 1977] 106 ITR 323. In view thereof, we answer the second question thus : ....