Supreme Court of India
Commissioner Of Income-Tax vs Vijaya Production (P.) Ltd. on 15 January, 1998
Equivalent citations: (2000)161CTR(SC)274, [2000]243ITR181(SC), AIRONLINE 1998 SC 166, 2000 (10) SCC 517, (2000) 161 CURTAXREP 274, (2000) 243 ITR 181, (2002) 122 TAXMAN 109
Bench: Sujata V. Manohar, S.S.M. Quadri
JUDGMENT
1. In view of the decision of this court in the case of Sunil Siddharthbhai v. CIT [1985] 156 ITR 509, the development rebate was correctly withdrawn under Section 155(5) of the Income-tax Act, 1961. The appeals are, there- fore, allowed. The High Court was not right in not directing a case to be stated before it under Section 256(2) of the Income-tax Act, in respect of the following question (see [1985] 152 ITR 613, 614) : "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in cancelling the order of the Income-tax Officer withdrawing the development rebate already allowed for the assessment years 1965-66 to 1972-73 consequent to the conversion of the assessee's proprietary business into a partnership firm ?"
2. Since the point at issue is covered by the decision of this court referred to above, we treat this question as a reference and answer it in the affirmative (sic) and in favour of the Revenue. The appeals are disposed of accordingly.