Law:

Section:

JUDGMENT K.S. Paripoornan, J.-At the instance of an assessee-a public limited company-the Income-tax Appellate Tribunal (in short, "the Tribunal") has referred the following five questions of law for the decision of this court under section 256(1) of the Income-tax Act, 1961, in ITR No. 417 of 1982 : "(i) Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the Commissioner of Income-tax had jurisdiction under section 263 of the Income-tax Act to revise the order of the Income-tax Officer passed after obtaining directions from the Inspecting Assistant Commissioner under section 144B of the Act ? (ii) Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that the assessment year 1975-76 is the eighth assessment year immediately succeeding the assessment year 1967-68 for the purpose of carry forward and set off of unabsorbed development rebate under section 33(2)(ii) of the Act and not the assessment year 1976-77 ? (iii)Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in holding that, for the purpose of carry forward of section 80J relief, the assessment year 1975-76 is the fourth assessment year immediately succeeding the assessment year 1971-72 and not the assessment year 1976-77 ? (iv)Whether the Tribunal was right in holding that, as far as the assessee was concerned, it cannot be said that the assessment year 1975-76 did not exist or was not there ? (v)Whether the Tribunal was right in holding that the applicant is not entitled to deduction of the provision for gratuity ?" The assessee-company is engaged in the business of manufacture and sale of cables and wires. The respondent is the Revenue. We are concerned herein with the assessment year 1976-77. Up to the assessment year 1974-75, the assessee was following the financial year as its accounting year. After March 31, 1974, the assessee requested the Revenue for changing the accounting year from the period ending March 31, to the year ending on September 30. The Income-tax Officer allowed the said request subject to the condition that the profits for the 18…

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