COMMISSIONER OF INCOME TAX Vs. FENNER INDIA LTD

JUDGEMENT

(1.) AT the instance of the Revenue, the Tribunal has stated a case and referred the following question of law in relation to the asst. yr. 1986-87 of the assessee.

(2.) THE assessment year involved is 1986-87 and the relevant previous year ended on 31st Aug., 1985. During the course of assessment proceedings, the assessee claimed a sum of Rs. 39,64,061 as deduction in the computation of the business income on the score that the said amount was paid as excise duty and should be allowed as deduction under S. 43B of the IT Act, 1961 (hereinafter referred to as "the Act").

(3.) HEARD Mrs. Pushya Sitharaman, senior standing counsel for the income-tax and Mr. P.P.S. Janarthana Raja appearing for the assessee.