Commissioner Of Surtax vs Dalmia Dairy Industries Ltd.
2001 Latest Caselaw 1247 Del

JUDGMENT

Arijit Pasayat, C.J.

Heard.

Following question has been referred for opinion of this court at the instance of the revenue under section 256(1) of the Income Tax Act, 1961 (hereinafter referred to as the Act), by the Tribunal, Delhi Bench 'E' :

"Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was correct in law in holding that the capital of the assessed-company as computed under rules 1 2 and 3 of the Second Schedule to the Companies (Profits) Surtax Act, 1964 was not liable to be reduced under rule 4 of the said Schedule in relation to the deduction allowed/ allowable to it under Chapter VI-A of the Income Tax Act, 1961 ?"

2. We need not deal with the factual aspects in detail in view of the decision of the Apex Court in Second ITO v. Stumpp Schuele & Somappa (P) Ltd. (1991) 187 ITR 108. Therefore, answer to the question is in the affirmative, in favor of the assessed and against the revenue.

2. We need not deal with the factual aspects in detail in view of the decision of the Apex Court in Second ITO v. Stumpp Schuele & Somappa (P) Ltd. (1991) 187 ITR 108. Therefore, answer to the question is in the affirmative, in favor of the assessed and against the revenue.

The application is disposed of.