1990 (12) TMI 65 - HC - Income Tax

Summary

The High Court of Allahabad ruled in favor of the assessee regarding questions (i), (ii), and (iii) under section 256(1) of the Income-tax Act, 1961. Questions (iv) and (v) were left unanswered. The decision was influenced by a previous judgment in CIT v. Jananamandal Ltd. [1989] 180 ITR 420.