COMMISSIONER OF INCOME TAX Vs. MODI INDUSTRIES LTD.

JUDGEMENT

(1.) THESE two references raising similar questions have been made by the Tribunal in cases relating to the same assessment company in respect of two different assessment years, namely, 1963 -64 and 1965 -66.

(2.) IN respect of the assessment year 1963 -64 the following question has been referred at the instance of the Commissioner in I.T.R. No. 503 of 1974 : "Whether on the facts and in the circumstances of the case the Tribunal was justified in holding that the amount of Rs. 33,45,417/ - on account of provisions of taxation and Rs. 11,00,844/ - on account of proposed dividend was to be included in the computation of capital under the Super Profits tax Act, 1963 ?"

(3.) IN respect of the assessment year 1965 -66 the following question has been referred at the instance of the assessee in I.T.R. No. 504 of 1974 : - "Whether on the facts and in the circumstances of the case the Income Tax Appellate Tribunal erred in law in confirming the exclusion of a sum of Rs. 8,80,675/ - in the computation of capital by the appellant for purposes of surtax under the Second Schedule to the Companies Profits Surtax Act, 1964 ?"