Law: Income Tax Act, 1961

Section: 256(2)

(a) Income tax---Reference Question whether interest accrued from contract and was assessable in assessment year in question Tribunals finding that no interest accrued upheld by High Court Same question arising in relation to earlier assessment years Tribunal cannot be directed to refer question to High Court. (b) Income tax Business income Whether expenses, and Managing Agencies Commission paid by assessee are admissible deductions in question of law Tribunal can be directed to refer same to High Court. (c) Income tax Business income Sales tax relating to earlier assessment years (1961 62) and (1962 63) Whether deduction of tax can be allowed in subsequent year (1967 68) is question of law Tribunal can be directed to refer same to High Court. JUDGMENT RANGANATHAN, J. These applications under section 256(2) of the Income tax Act, 1961 are by the Commissioner of Income tax. They relate to the assessment years 1966 67 to 1969 70. The Commissioner of Income tax seeks by these applications a direction that the following three questions be referred to this Court under section 256(2) the first two being common for all the four years while the third question is relevant only for 1967 68: (1) Whether on the facts and in the circumstances of the case tile Tribunal was justified in holding that the income from interest receivable by the assessee company for each of the previous years relevant to the assessment years 1966 67 to 1969 70 did not accrue and arise and was not assessable in the respective years? (2) Whether on the facts and in the circumstances of the case the Tribunal was justified in holding that the company carried on business in India and the expenses as well as the Managing Agency Commission were admissible deductions under the head "Income from business" for each of the four years? (3) Whether the Tribunal was justified on the facts and in the circumstances of the case in allowing deduction of Rs.88,873 for sales tax pertaining to the years relevant to the assessment years 1961 62 and 1962 63 in the assessment year for 1967 68 assessment year?" 2. So far as the first question is concerned it is common ground that the same question arose for the…

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