GOODRICKE GROUP LTD Vs. COMMISSIONER OF INCOME-TAX

JUDGEMENT

(1.) IN this reference under section 256 (1) of the Income -tax Act, 1961, the following question of law have been referred to this court for the assessment year 1977 -78 : '1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the loss of Rs. 59,891 incurred by the assessee -company due to fluctuation of exchange rates in remittance of profits from India to its U. K. office was not an allowable deduction in its income -tax assessment for the assessment year 1977 -7 ?

(2.) WHETHER , on the facts and in the circumstances of the case, the Tribunal was right in holding that these surtax liability under the Companies (profits) Surtax Act, 1964, for the assessment year 1977 -78 was not an allowable deduction in the income -tax assessment for the said assessment year ?