JAIPRAKASH V DEMPO Vs. COMMISSIONER OF INCOME-TAX

JUDGEMENT

(1.) BY this reference made under section 256 (1) of the Income-tax Act, 1961, at the instance of the assessee, the Income-tax Appellate Tribunal has referred the following questions of law to this court for opinion :

(2.) WHETHER the finding of the Tribunal that during the relevant year, Dempo Steamship Ltd. cannot be held to have been entitled to a deduction under section 80j is correct in law ?

(3.) WHETHER the Tribunal was justified in holding that the applicant cannot claim any relief under section 80j as there was no part of the dividend which is attributable to the profits and gains derived from the company from the ship in respect of which the company is entitled to a deduction under section 80j ?