ROYAL CUSHION VINYAL Vs. COMMISSIONER OF INCOME-TAX

JUDGEMENT

(1.) The Income-tax Tribunal has referred the following question to us, for our answer. The above Reference pertains to assessment year 1990-91.

(2.) Under the normal provisions of Income-tax Act, 1961 (i.e., under Sections 28 to 44D), the assessee computed the income which was adjusted against the brought forward losses and depreciation of the earlier years and accordingly, the total income was computed at Rs. Nil The assessee company computed the book profit under Section 115J at Rs. Nil after adjusting deduction under Section 80HHC and after adjusting the unabsorbed depreciation of the earlier years.

(3.) The Deputy Commissioner of Income-tax had passed the order under Section 143(3) on 26-3-1991 and computed the income at Rs. 19,30,154 under the normal provisions of the Act wherein he had made certain disallowances.