MOPEDS INDIA LIMITED Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) The following two questions are referred to us under section 256(1) of the Income-tax Act :

(2.) The assessment years concerned herein are 1974-75, 1975-76 and 1976-77. Identical questions were referred to this court for the assessment year 1973-74 in R.C. No. 13 of 1979 (see [1988] 172 ITR 552). A Bench of this court consisting of Raghuvir J. and Ramanujulu Naidu J.answered the first question in the affirmative, i.e.,in favour of the Revenue and against the assessee, and on that basis declined to answer the second question as unnecessary. When this reference came up before us, it was contended by learned standing counsel for the Revenue that in view of the decision of the Bench relating to the earlier assessment year, it is not necessary to argue the matter over again and that the same answers should be recorded by us also in this reference.

(3.) Sri Ch. Srirama Rao, learned counsel for the assessee, however, contended very strongly that the facts of the assessment years concerned herein and the facts relevant to the assessment year 1973-74 are different. In particular, he submitted that the statements of facts submitted by the Tribunal in both the references are not identical and that, therefore, the earlier judgment does not govern the present reference. He requested that we should hear and dispose of this reference on the basis of the facts stated in the statement of facts submitted in this reference.