COMMISSIONER OF INCOME TAX Vs. UNIQUE INDUSTRIES

JUDGEMENT

(1.) THE Income Tax Appellate Tribunal, Ahmedabad Bench-A, has referred the following question for the opinion of this Court under sec. 256 (1) of the Income Tax Act, 1961 (the Act)at the instance of the Revenue.

(2.) THE Assessment Year is 1989-90, the relevant previous year being Financial Year ended on 31. 3. 1989. The amount of Rs. 3,40,644/- was available as credit to the assessee in terms of provisions of the Central Excise Act and the Rules thereunder. The Assessing Officer came to the conclusion that the amount of Rs. 3,40,644/- had to be treated as income of the assessee which was liable to tax because the assessee had nor utilised the credit for payment of excise duty of adjusted the same against the purchase.

(3.) IN the appeal filed by the assessee, Commissioner (Appeals) followed Calcutta Bench decision in the case of M/s. Berger Paints India Limited and allowed the appeal. The Tribunal has confirmed the order of Commissioner (Appeals ).