Bombay High Court
M/S.Ferro Alloys Corporation Ltd. ... vs Commissioner Of Income Tax, Vidarabha, ... on 25 February, 2016
Author: B.P. Dharmadhikari
Bench: B.P. Dharmadhikari, V.M. Deshpande
1
IN THE HIGH COURT OF JUDICATURE AT BOMBAY :
NAGPUR BENCH : N A G P U R.
INCOME TAX REFERENCE No. 37 OF 1998
M/s Ferro Alloys Corporation Ltd.
Tumsar. .... APPLICANT.
-VERSUS -
Commissioner of Income Tax,
Vidarbha, Nagpur. ig .... RESPONDENT.
....
Mr. Kishor Dewani Advocate for the Applicant.
Mr. Anand Parchure with Bhushan Mohta Advocate for the Respondent.
....
CORAM : B.P. Dharmadhikari & V.M. Deshpande, JJ.
DATED : 25th February, 2016.
ORAL JUDGMENT : (Per B.P. Dharmadhikari, J.) :
Heard Advocate Dewani for the applicant/assessee and Advocate Parchure with Advocate Bushan Mohta for the respondent/revenue.
2. Following questions have been referred to this Court under Section 256(1) of Income Tax Act, 1961 at the instance of assessee.
(i) Whether on the constructions of provisions of Section 115-J, the income determined therein is to be added to the amounts to be carried forward u/s 32(2) of the Income-Tax ::: Uploaded on - 26/02/2016 ::: Downloaded on - 31/07/2016 06:37:15 ::: 2 Act, 1961?
(ii) Whether the income determined u/s 115-J(1) is a dead loss so that the assessee is not entitled to the benefit of carry forward inspite that the said amount is brought to tax?
3. Advocate Parchure with Advocate Mohta points out that it is not necessary to examine the controversy on merits as the Hon'ble Apex Court has in its judgment reported at (2002) 258 ITR 770 (Karnataka Small Scale Industries Development Corporation Ltd. v.
Commissioner of Income-Tax) answered the issue against the assessee.
4. We have perused the judgment of Hon'ble Apex Court. It considers provisions of Section 115-J and the assessment year involved was 1989-90. Herein, same assessment year is involved.
5. In this situation, we find that the questions are already answered against the assessee. In this view of the matter, we answer the questions against the assessee. Reference is accordingly disposed of.
JUDGE JUDGE
/TA/
::: Uploaded on - 26/02/2016 ::: Downloaded on - 31/07/2016 06:37:15 :::