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Lallubhai Amichand Pvt. Ltd. Vs. Commissioner of Income-tax, Bombay - Court Judgment

LegalCrystal Citation
SubjectDirect Taxation
CourtMumbai High Court
Decided On
Case NumberIncome-tax Reference No. 132 of 1974
Judge
Reported in[1985]151ITR215(Bom)
ActsFinance Act, 1966 - Sections 2(5)
AppellantLallubhai Amichand Pvt. Ltd.
RespondentCommissioner of Income-tax, Bombay
Excerpt:
(i) direct taxation - assessment - section 2 (5) of finance act, 1966 - whether receipt of rs. 916285 assessable to tax - court invited to answer question in accordance with decision of pre-decided case - question answered in affirmative. (ii) rebate - section 5 of finance act, 1966 - whether assessee entitled to rebate in tax under section 5 (2) (a) (i) or (ii) - answer to question concluded in pre-decided case - question answered in negative. - .....us and identical points arose for consideration. we have been invited to answer the two questions in accordance with the said decision without further discussion of facts and without reference to the law as discussed in the said decision.accordingly, we answer the questions, as under :no. 1 : in the affirmative and in favour of the revenue. no. 2 : in the negative and against the assessee.the parties are, however, directed to bear their own costs of the reference.
Judgment:

Desai, J.

1. In this reference, two questions are referred to us by the Income-tax Appellate Tribunal. They are :

'(1) Whether, on the facts and in the circumstances of the case, the receipt of Rs. 9,16,285 was assessable to tax ?

(2) Whether, on the facts and in the circumstances of the case, the assessee was entitled to rebate in tax under s. 5(2)(a)(i) or (ii) of the Finance Act, 1966 ?'

The answer to be given to these two questions would seem to be concluded as far as this High Court is concerned by its decision in Metal Rolling Works P. Ltd. v. CIT : [1983]142ITR170(Bom) . The assessee therein had activities similar to those of the activities of the assessee before us and identical points arose for consideration. We have been invited to answer the two questions in accordance with the said decision without further discussion of facts and without reference to the law as discussed in the said decision.

Accordingly, we answer the questions, as under :

No. 1 : In the affirmative and in favour of the Revenue.

No. 2 : In the negative and against the assessee.

The parties are, however, directed to bear their own costs of the reference.


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