(1.) BY this reference under S. 256(1) of the IT Act, 1961, (the Act), the Tribunal has referred the following questions of law to this Court for opinion.
(2.) WE have already decided an identical controversy in IT Ref. No. 222 of 1987 [reported as CIT vs. J.V. Kolta (1998) 149 CTR (Bom) 454] wherein we have held that receipts by an employee from the approved superannuation fund are not taxable for and upto the asst. yr. 1995-96. The controversy in this case pertains to the asst. yr. 1976-77. Following the said decision, we hold that during the relevant assessment year receipts of approved superannuation fund by the assessee was not income liable to income-tax under the Act.
(3.) WE answer the above question in the affirmative and in favour of the assessee.