Commissioner Of Income-Tax vs Ajanta Offset And Packing Ltd.
2000 Latest Caselaw 634 Del

JUDGMENT

1. Heard.

2. This is an application under Section 256(2) of the Income-tax Act, 1961. The prayer is for a direction to the Income-tax Appellate Tribunal (for short "the Tribunal"), to refer the following question for the opinion of this court :

"Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal is justified in holding that additional tax charged under Section 143(1A) was not chargeable as there was no final positive income determined after adjustment made under Section 143(1)(a) despite the fact that additional tax is chargeable under Section 143(1A)(ii) even if the final result of his reducing the loss only and even if no positive income is finally determined under Section 143(1)(a) since Section 143(1A) now, stands amended with effect from April 1, 1989, after amendment by the Finance Act, 1993 ?"

3. We find substance in the submission made by learned counsel that the question needs to be reconsidered by the Tribunal in the light of the amendment with effect from April 1, 1989, by the Finance Act, 1993, so far

as Section 143(1A) of the Income-tax Act, 1961, is concerned. We feel that this will be the appropriate course than calling for reference.

4. The application is, accordingly disposed of with the direction that the Tribunal will reconsider the matter in the light of the amendment.