1993-VIL-82-SC-DT

Equivalent Citation: [1993] 200 ITR 488, 116 CTR 194

Supreme Court of India

Civil Appeals Nos 2646, 2647, 2648 of 1977.

Date: 19.02.1993

COMMISSIONER OF INCOME-TAX

Vs

UNITED GENERAL TRUST LIMITED

For the Appellant : B. B. Ahuja, Senior Advocate ( Anil Srivastava and P. Parameswaran, Advocates
For the Respondent : S. Ganesh Advocate and Mrs. Anjali K. Verma, Advocate (of M/s.Dadachanji & Co., Advocates)

BENCH

B. P. JEEVAN REDDY AND N. VENKATACHALA JJ.

JUDGMENT

Both counsel for the Revenue and the assessee are agreed that the only question which was sought to be raised by the Revenue, but which was not allowed by the High Court is concluded against the assessee and in favour of the Revenue by the decision of this court in Distributors (Baroda) P. Ltd. v. Union a India [1985] 155 ITR 120. Indeed, the same result follows from section 80AA introduced by the Finance (No. 2) Act, 1980, with retrospective effect from April 1, 1968.

For the above reason, the appeals are allowed. The application under section 256(2) of the Income-tax Act made by the Revenue shall be deemed to have been allowed, a reference made and answered in the manner indicated above.

We may clarify that the assessment years concerned herein are 1970-71, 1971-72 and 1972-73.

 

DISCLAIMER: Though all efforts have been made to reproduce the order accurately and correctly however the access, usage and circulation is subject to the condition that VATinfoline Multimedia is not responsible/liable for any loss or damage caused to anyone due to any mistake/error/omissions.