COMMISSIONER OF INCOME TAX Vs. DEVSON LIMITED

JUDGEMENT

(1.) THESE two references arise almost out of the same facts and will be disposed of by one judgment.

(2.) THE references relate to the assessment years 1965-66 and 1966-67. THE facts giving rise to these references may be briefly summarised as follows :

(3.) FINALLY, Mr. H, L. Bhagotra, appearing for the assessee, submitted that after M/s. Kashmir Fruit and Chemical Industries started manufacture of alcoholic spirits after taking a licence from the Government in 1961, it became a new undertaking and was, therefore, entitled to the benefit conferred on such an undertaking by Section 84(2)(ii) of the Income-tax Act. It was argued that even if the new company be deemed to be a continuation of the old company, since a new business had been started, the assessee was entitled to tax holiday under Section 84 of the Income-tax Act. In view of the finding of fact arrived at by the Appellate Assistant Commissioner as also the Income-tax Appellate Tribunal, we refrain from making any observation on this aspect of the matter.