Continental Construction Ltd. Vs. Cit - Court Judgment

SooperKanoon Citationsooperkanoon.com/710220
SubjectDirect Taxation
CourtDelhi High Court
Decided OnAug-24-2001
Case NumberSurtax Reference No. 1 of 1989 24 August 2001
Reported in[2001]119TAXMAN573(Delhi)
AppellantContinental Construction Ltd.
RespondentCit
Advocates: R.D. Jolly and; Ajay Jha, for the assesse
Excerpt:
in the delhi high court arijit pasayat, c.j. & d.k. jain, j. - heard.2. the following question has been referred by the tribunal under section 18 of the companies (profits) surtax act, 1964 for opinion of this court :'whether, on the facts and in the circumstances of the case, the tribunal was right in adopting its findings in the income-tax matter of the assessed for the assessment year 1983-84?'3. the findings relating to the income-tax matter, as referred to in the question, related to the claim under section 80-o of the income tax act, 1961. it was held by this court in continental construction ltd. v. cit : [1990]185itr178(delhi) that the assessed's income for the relevant assessment year was not exempt under section 80-o. the said conclusion appears to have been approved by the apex court in continental construction ltd. v. cit (1992) 195 itr 811 .4. that being the position, the obvious answer to the question is in the affirmative, in favor of the revenue and against the assessed.5. reference is disposed of accordingly.
Judgment:

Heard.

2. The following question has been referred by the Tribunal under section 18 of the Companies (Profits) Surtax Act, 1964 for opinion of this court :

'Whether, on the facts and in the circumstances of the case, the Tribunal was right in adopting its findings in the income-tax matter of the assessed for the assessment year 1983-84?'

3. The findings relating to the income-tax matter, as referred to in the question, related to the claim under section 80-O of the Income Tax Act, 1961. It was held by this court in Continental Construction Ltd. v. CIT : [1990]185ITR178(Delhi) that the assessed's income for the relevant assessment year was not exempt under section 80-O. The said conclusion appears to have been approved by the Apex Court in Continental Construction Ltd. v. CIT (1992) 195 ITR 811 .

4. That being the position, the obvious answer to the question is in the affirmative, in favor of the revenue and against the assessed.

5. Reference is disposed of accordingly.