Biharilal Jaiswal Etc vs The Commissioner Of Income Tax Etc on 16 November, 1995
The Hon'ble jurisdictional High Court in the case of
CIT Vs. S B Pannalkar and Co. (supra) having considered and understood the
decisions of Hon'ble Supreme Court in the case of Biharilal Jaiswal Vs. CIT
(supra) as well as in the case of CIT Vs. Rangila Ram & Others (supra) has
observed and held in paras 8 & 13 as under :