COMMSSIONER OF INCOME TAX Vs. ELSCOPE (P) LTD.

JUDGEMENT

(1.) THE following question, at the instance of the CIT, has been referred by Tribunal, Ahmedabad Bench 'B' Under Section 256(1) of the IT Act, 1961 (the Act):

(2.) THE assessment year is 1979 -1980. Consequent upon the addition made in the assessment for the assessment year in question, the AO made an order Under Section 104 of the Act levying additional tax of Rs. 3,92,510. The CIT(A) deleted the addition. In Revenue's second appeal the Tribunal, following its own order in quantum appeal, confirmed the order made by the CIT(A) holding that distributable income would be nil. The Tribunal has made the reference only because a reference had been made against the order made in quantum appeal.

(3.) TODAY , by a separate judgment reported as Elscope (P) Ltd. v. CIT (2008) 215 CTR(Guj) 16 -Ed. the question referred to at the instance of the Revenue in quantum proceedings has been answered in favour of the assessee and the order made by the Tribunal in quantum appeal has been upheld.