EICHER MOTORS LTD Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) This is an IT reference made under Sec. 256(1) of the IT Act to this Court at the instance of assessee by the Tribunal to answer following questions of law said to arise out of the order passed by the Tribunal, dt. 31st Aug., 1998, in ITA No. 65/Ind/1994:

(2.) Heard Shri H.Y. Mehta and Smt. S.H. Mehta, learned Counsel for the applicant/assessee and Shri R.L. Jain, senior counsel with Ku. V. Mandlik, learned Counsel for the non-applicant/Revenue.

(3.) At the outset, we may mention that controversy involved in this reference is now narrowed down to large extent because during pendency of this reference, the Parliament amended Sec. 43B by Finance Act, 2006 retrospectively w.e.f. 1st April, 1989 and added Explns. 3C and 3D which read as under: