Continental Construction Ltd. vs Cit
2001 Latest Caselaw 1264 Del

JUDGMENT

Heard.

2. The following question has been referred by the Tribunal under section 18 of the Companies (Profits) Surtax Act, 1964 for opinion of this court :

2. The following question has been referred by the Tribunal under section 18 of the Companies (Profits) Surtax Act, 1964 for opinion of this court :

"Whether, on the facts and in the circumstances of the case, the Tribunal was right in adopting its findings in the income-tax matter of the assessed for the assessment year 1983-84?"

3. The findings relating to the income-tax matter, as referred to in the question, related to the claim under section 80-O of the Income Tax Act, 1961. It was held by this court in Continental Construction Ltd. v. CIT (1990) 185 ITR 178 (Del) that the assessed's income for the relevant assessment year was not exempt under section 80-O. The said conclusion appears to have been approved by the Apex Court in Continental Construction Ltd. v. CIT (1992) 195 ITR 811 (SC).

3. The findings relating to the income-tax matter, as referred to in the question, related to the claim under section 80-O of the Income Tax Act, 1961. It was held by this court in Continental Construction Ltd. v. CIT (1990) 185 ITR 178 (Del) that the assessed's income for the relevant assessment year was not exempt under section 80-O. The said conclusion appears to have been approved by the Apex Court in Continental Construction Ltd. v. CIT (1992) 195 ITR 811 (SC).

4. That being the position, the obvious answer to the question is in the affirmative, in favor of the revenue and against the assessed.

4. That being the position, the obvious answer to the question is in the affirmative, in favor of the revenue and against the assessed.

5. Reference is disposed of accordingly.

5. Reference is disposed of accordingly.