JUDGMENT
S. Ranganathan, J.
1. These are four references relating to the same assessment year but for different assesseds. A common question of law has been referred for the decision of this Court by the ITAT which reads as under :
“Whether, on the facts and in the circumstances of the case, the Tribunal is legally correct in holding that s. 52(2) of the IT Act, 1961 is not applicable to the cases of the present assesseds ?”
2. Both parties agree that the question has to be answered in the affirmative and against the revenue in view of the decision of the Supreme Court in K. P. Varghese and Anr. v. ITO also further followed by the Supreme Court in CIT v. Shivakami Co. P. Ltd. . The question is answered accordingly. The references are disposed of. No costs.