COMMISSIONER OF INCOME TAX Vs. OM METALS MINERALS PRIVATE LIMITED

JUDGEMENT

(1.) THIS reference under Section 256 (1) of the Income-tax Act, 1961, at the instance of the Revenue is to decide the following question of law :

(2.) THE relevant assessment year is 1975-76. THE only point for decision is covered by the decision of the Supreme Court in Lohia Machines Ltd. v. Union of India [1985] 152 ITR 308. Following that decision, this reference is to be answered in favour of the Revenue and against the assessee.