Bombay High Court
Commissioner Of Income-Tax vs Mutual Steel Industries on 6 October, 1988
Equivalent citations: [1991]187ITR292(BOM)
JUDGMENT Desai, J.
1. The question referred to us at the instance of the Revenue by the Tribunal, Bombay Bench "E", reads as under :
"Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the development reserve created by the assessee before the completion of the assessment fully complied with the requirements of the relevant provisions of the Income-tax Act, 1961 ?"
2. Shri Jetley has fairly stated that the answer to be given is, as far as this High Court is concerned, concluded by its decision in CIT v. Janardhan Zarapkar [1982] 138 ITR 482. Which decision was based on a consideration of the observations in the Supreme Court's case. In accordance with that decision in Janardhan's case [1982] 138 ITR 482, we answer the question in the affirmative CBIA and in favour of the assessee. Parties to bear their respective CBIB costs of the reference.