MYSORE ELECTRICAL INDUSTRIES LIMITED Vs. COMMISSIONER OF SURTAX

JUDGEMENT

(1.) THIS is a reference under section 18 of the Companies (Profit) Surtax Act, 1964, hereinafter called "the Act" read with section 256(1) of the Income-tax Act, 1961.

(2.) THE question referred for our opinion are :

(3.) ON the fact and circumstances of the assessee's case, whether the Tribunal was justified in law in holding that the sum of Rs. 1,03,162 representing excess provision for depreciation was not to be considered in computing the assessee's capital for the purpose of the Companies (Profits) Surtax Act, 1964 ?