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1990 (7) TMI 30 - MADRAS HIGH COURTExtract: .......cumstances, in view of the decision reported in CIT v. Shivakami Co. P. Ltd. 1986 159 ITR 71 (SC), applying the principle laid down in K. P. Varghese v. ITO 1981 131 ITR 597 (SC) to cases arising under section 52(1) of the Income-tax Act, 1961, the question has to be answered in the negative and against the Revenue. There will no order as to costs.
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