1991 (3) TMI 25 - HC - Income Tax

Summary

The High Court of Bombay delivered a judgment on a departmental reference related to the assessment of an assessee for the years 1965-66, 1966-67, and 1968-69. The Tribunal referred questions of law under the Income-tax Act, 1961. The court answered the questions in favor of the assessee based on the Supreme Court judgment in Malabar Fisheries Co. v. CIT [1979] 120 ITR 49. No order was given as to costs.