COMMISSIONER OF INCOME-TAX Vs. RITA MECHANICAL WORKS

JUDGEMENT

(1.) THE question referred to the High Court under Section 256 (1) of the Income-tax Act, 1961, was as follows :

(2.) THE High Court of Andhra Pradesh in Veerabhadra Iron Foundry v. Commissioner of Income-tax [1968] 69 ITR 425 (AP), the High Court of Allahabad in CIT v. Modi Spg. and Wvg. Mills Co. Ltd. [1973] 89 ITR 304 (All), the High Court of Bombay in Tata Iron & Steel Co. Ltd. v. N. C. Upadhyaya [1974] 96 ITR 1 (Bom), the High Court of Punjab and Haryana in Commissioner of Income-tax v. Sardar Singh Sachdeva [1972] 86 ITR 387 (Punj) and the High Court of Orissa in Commissioner of Income-tax v. Narula Cold Storage & Ice Factory [1976] 104 ITR 148 (Orissa) have consistently taken the view that the Income-tax Act does not contemplate a limit of time for claiming development rebate.