CIT Vs. PREMIER PROTEINS LTD.

JUDGEMENT

(1.) THIS is an income -tax reference made at the instance of revenue under section 256(i) of the Income Tax Act by the Tribunal (ITAT) in R.A. No. 139/Ind./97, dated 9 -2 -1998 which arises out of an order dated 17 -10 -1997, passed by Tribunal in ITA No. 475/Ind./93 to answer following questions of law said to arise out of the aforementioned order: - 'Whether on the facts and in the circumstances of the case, Tribunal was justified in law in holding that assessee was correct in claiming power subsidy as capital receipt.'

(2.) HEARD Shri R.L. Jain, learned senior counsel with Ku. V. Mandlik, learned counsel for the revenue. None for the assessee.

(3.) WITH respect we may say that Tribunal has not discussed any issue while deciding the question except to mention and rely upon one order of Tribunal and concluded the issue by saying that the issue has to be answered in favour of assessee.