COMMISSIONER OF INCOME TAX Vs. TATA CHEMICALS LIMITED

JUDGEMENT

(1.) THESE are two references under section 256(1) of the Income -tax Act, 1961, and they relate to the assessment years 1963 -64 and 1964 -65. The questions referred to us for determination in these references are as follows :

(2.) AS far as question No.(1) is concerned, it is agreed between counsel that in view of the decisions of the Supreme Court in Challapalli Sugars Ltd. v. CIT and CIT v. Hindustan Petroleum Corporation Ltd. : [1975]98ITR167(SC) , question No. 1 will have to be answered in the affirmative and in favour of the assessee. The question is, therefore, answered accordingly without further discussion.

(3.) AS far as question No.(3) referred to us is concerned, it is agreed between counsel that in view of the decision of this court in CIT. v. Tata Sons Pvt. Ltd. [1978] 111 ITR 636, this question also will have to be answered in the affirmative and in favour of the assessee. This question is answered accordingly without further discussion.