Punjab-Haryana High Court
Commissioner Of Income-Tax vs Road Master Industries Of India (P.) ... on 21 November, 1988
Equivalent citations: [1989]179ITR245(P&H)
JUDGMENT S.S. Sodhi, J.
1. The question of law referred for the opinion of this court is as under :
"Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal erred in law in confirming the order of the Appellate Assistant Commissioner of Income-tax holding that deduction allowed under Section 80J falling under Chapter VIA of the Income-tax Act could not be considered as a sum not includible in the total income for income-tax assessment and, therefore, would not fall for deduction under rule 4 of the Second Schedule to the Companies (Profits) Surtax Act, 1964, for computing the capital employed ?"
2. This precise question arose before this court in Income-tax References Nos. 39 to 41 of 1979 (CIT v. Oswal Woollen Mills Ltd. [1989] 178 ITR 635), decided on November 17, 1988, and is also covered by the earlier judgment of the High Court of Calcutta in CIT v. Peico Electronics and Electricals [1987] 166 ITR 299. The reference is, accordingly, answered in the negative, in favour of the assessee and against the Revenue. There will be no order as to costs.