Commissioner of Income-tax Vs. International Tractor Co. of India Ltd. - Court Judgment |
| SooperKanoon Citation | sooperkanoon.com/350495 |
| Subject | Direct Taxation |
| Court | Mumbai High Court |
| Decided On | Feb-18-1991 |
| Case Number | Income-tax Reference No. 466 of 1976 |
| Judge | D.R. Dhanuka and ;T.D. Sugla, JJ. |
| Reported in | [1991]189ITR799(Bom) |
| Acts | Income Tax Act, 1961 - Sections 33, 34 and 34(3) |
| Appellant | Commissioner of Income-tax |
| Respondent | international Tractor Co. of India Ltd. |
| Appellant Advocate | Dr. Balasubramaniam, Adv. |
| Respondent Advocate | J.D. Mistri, Adv. |
Excerpt:
- indian penal code, 1860 [c.a. no. 45/1860].sections 124-a, 153-a, 153-b, 292, 293 & 295a; [f.i. rebello, smt v.k. tahilramani & a.s. oka, jj] declaration as to forfeiture of book held, the power can be exercised only if the government forms opinion that said publication contains matter which is an offence under either of sections 124-a, 153-a, 153-b, 292, 293, 295a of i.p.c.,
t.d. sugla, j.1. there is only one question of law referred to this court by the tribunal. the question reads thus : 'whether, on the facts and in the circumstances of the case, the asessee is entitled to carry forward the unabsorbed development rebate to future years to be set off against the profits of those years on the assessee creating the requisite reserve ?' 2. the proceedings relate to the assessee's assessment for the assessment year 1970-71. counsel are agreed that, in view of the amendment of section 34(3)(a) by the finance act, 1990, with retrospective effect from april 1, 1962, the question requires to be and is hereby answered in the affirmative and in favour of the assessee. 3. no order as to costs.
Judgment:T.D. Sugla, J.
1. There is only one question of law referred to this court by the Tribunal. The question reads thus :
'Whether, on the facts and in the circumstances of the case, the asessee is entitled to carry forward the unabsorbed development rebate to future years to be set off against the profits of those years on the assessee creating the requisite reserve ?'
2. The proceedings relate to the assessee's assessment for the assessment year 1970-71. Counsel are agreed that, in view of the amendment of section 34(3)(a) by the Finance Act, 1990, with retrospective effect from April 1, 1962, the question requires to be and is hereby answered in the affirmative and in favour of the assessee.
3. No order as to costs.