M/S.Ferro Alloys Corporation ... vs Commissioner Of Income Tax, ...
2016 Latest Caselaw 79 Bom

                                            1




                                                                                      
                IN THE HIGH COURT OF JUDICATURE AT BOMBAY :

                              NAGPUR BENCH : N A G P U R.




                                                              
                      INCOME TAX REFERENCE No. 37 OF 1998




                                                             
    M/s Ferro Alloys Corporation Ltd.
    Tumsar.                                      ....      APPLICANT.


                   -VERSUS -




                                                
    Commissioner of Income Tax,
    Vidarbha, Nagpur.              ig            ....      RESPONDENT.

                            ....
    Mr. Kishor Dewani Advocate for the Applicant.
                                 
    Mr. Anand Parchure with Bhushan Mohta Advocate for the Respondent.
                              ....

                      CORAM : B.P. Dharmadhikari & V.M. Deshpande, JJ.

DATED : 25th February, 2016.

ORAL JUDGMENT : (Per B.P. Dharmadhikari, J.) :

Heard Advocate Dewani for the applicant/assessee and

Advocate Parchure with Advocate Bushan Mohta for the

respondent/revenue.

2. Following questions have been referred to this Court under

Section 256(1) of Income Tax Act, 1961 at the instance of assessee.

(i) Whether on the constructions of provisions of Section 115-J,

the income determined therein is to be added to the

amounts to be carried forward u/s 32(2) of the Income-Tax

Act, 1961?

(ii) Whether the income determined u/s 115-J(1) is a dead loss

so that the assessee is not entitled to the benefit of carry

forward inspite that the said amount is brought to tax?

3. Advocate Parchure with Advocate Mohta points out that it is

not necessary to examine the controversy on merits as the Hon'ble Apex

Court has in its judgment reported at (2002) 258 ITR 770 (Karnataka

Small Scale Industries Development Corporation Ltd. v.

Commissioner of Income-Tax) answered the issue against the assessee.

4. We have perused the judgment of Hon'ble Apex Court. It

considers provisions of Section 115-J and the assessment year involved

was 1989-90. Herein, same assessment year is involved.

5. In this situation, we find that the questions are already

answered against the assessee. In this view of the matter, we answer the

questions against the assessee. Reference is accordingly disposed of.

                                   JUDGE                        JUDGE



     /TA/