COMMISSIONER OF INCOME-TAX Vs. MALTAX MALSTERS LTD

JUDGEMENT

(1.) THIS petition has been filed under Section 256 (2) of the Income-tax Act, 1961 (hereinafter referred to as "the Act"), for issuing a direction to the Income-tax Appellate Tribunal, Chandigarh Bench, Chandigarh (hereinafter referred to as "the Tribunal"), to refer the following question of law for the opinion of this court :

(2.) THE petition filed under Section 256 (1) of the Act has been declined by the Tribunal. The accounting period of the assessee-company up to the assessment year 1983-84 ended on November 30. The assessee made an application for change of its accounting period from November 30, to June 30. The Assessing Officer allowed the change vide order dated December 30, 1982, and that is how the accounting period for the year relevant to the assessment year 1984-85 was from December 1, 1982, to June 30, 1983, i. e. , for a period of seven months. The Assessing Officer imposed a condition that the depreciation allowance for the year 1984-85 will be restricted to 7/12ths of the admissible amount of depreciation. The assessee did not challenge the order dated December 30, 1982, in any other proceedings.

(3.) A reference application filed under Section 256 (1) of the Act by the Revenue was dismissed by the Tribunal holding that the decision was arrived at by the Tribunal relying upon the judgments in VXL India Ltd. 's case [1987] 168 ITR 805 (Guj) and J. K. Synthetics Ltd's case [1976] 105 ITR 864 (All), given by the Gujaral and Allahabad High Courts, respectively, and that of the Supreme Court judgment in CIT v. V. MR. P. Finn [1965] 56 ITR 67.