PFIZER LTD Vs. COMMISSIONER OF INCOME TAX, BOMBAY

JUDGEMENT

(1.) By this reference under section 256(1) of the Income Tax Act 1961, at the instance of the revenue, the Income Tax Appellate Tribunal has referred the following two questions of law to this Court for opinion :

(2.) Counsel for the assessee submits that the controversy in question No.1 now stands concluded in favour of the revenue by the decision of Supreme Court in Smith Kline and French (India) Ltd. and others v. C.I.T., 1996 219 ITR 581. In view of the above, question No.1 is answered in the affirmative and in favour of the revenue. He further submits that the controversy in question No.2 also stands concluded in favour of the revenue by the decision of this Court in C.I.T. v Hico Products Pvt.Ltd,1993 201 ITR 567 and the decision of the Supreme Court in C.I.T. v E.L, 1993 201 ITR 723. In view of the above, question No.2 is answered in the affirmative and in favour of the assessee.

(3.) This reference is disposed of accordingly. No order as to costs.