COMMISSIONER OF INCOME TAX Vs. BADIANI P K

JUDGEMENT

(1.) THIS is a reference under s. 66(1) of the Indian IT Act, 1922.

(2.) THE questions referred are :

(3.) THE assessee contended that if the accumulations of the development rebates were to be included when calculating "accumulated profits" for the purposes of s. 2(6A)(e), only the allowance for development rebate for the company's accounting year 1957, could be taken into account and not the accumulations of the years prior to 1957. THE Tribunal has negatived this contention. Question No. 2 has, hence, been referred at the instance of the assessee.