KRISHNA PHARMACEUTICALS LIMITED Vs. KRISHNA PHARMACEUTICALS LIMITED

JUDGEMENT

(1.) For the assessment year 1984-85, the respondent herein claimed that an amount of Rs. 50,770 shall be deleted from the taxable income on the ground that the liability to pay tax under the A. P. General Sales Tax Act and the Central Sales Tax Act became due during the relevant accounting year. The Income-tax Officer rejected that claim. However, on appeal, the Commissioner of Income-tax (Appeals) accepted the claim made on behalf of the assessee. Aggrieved by that order, the Department preferred a second appeal to the Income-tax Appellate Tribunal. The Tribunal dismissed the appeal holding that (1)

(2.) The Tribunal refused to refer that question in view of the decision of this court in Srikakollu Subba Rao and Co. v. Union of India [1988] 173 ITR 708. Hence, this petition is filed under section 256(2) of the Income-tax Act.

(3.) It is submitted by Sri M. Suryanarayana Murthy, learned standing counsel for the Income-tax Department, that at the time when the reference application filed under section 256(1) of the Income-tax Act was disposed of by the Tribunal, section 43B of the Income-tax Act, in its present form, was not in existence and, therefore, it had no opportunity to decide the matter in the light of the amended provisions of section 43B.