Commissioner Of Income-Tax vs Avery Freewheels (P.) Ltd. (No. 2) on 2 December, 1988

JUDGMENT

Gokal Chand Mital, J.

1. The question referred is covered by our decisions in I. T. References Nos. 175 and 176 of 1979 [CIT v. Avery Cycle Industries (P.) Ltd. (No. 1) [1989] 178 ITR 173] rendered on November 8, 1988, and I. T. References Nos. 137 and 138 of 1979, [CIT v. Saraswati Industrial Syndicate Ltd. (No. 2) [1989] 178 ITR 403] rendered on November 17, 1988, in favour of the assessee. Following the decisions recorded therein, the question is answered in the affirmative, leaving the parties to bear their own costs.