COMMISSIONER OF INCOME TAX Vs. JYOTI INDUSTRIES

JUDGEMENT

(1.) THE Tribunal, Jaipur Bench, Jaipur for the asst. yr. 1986-87 referred the following question of law under S. 256(1) of the Act for the opinion of the High Court :

(2.) THE material facts on the basis of which the above question of law is to be decided are similar to those in DB IT Ref. No. 9/92, CIT vs. Achaldass Dhanraj decided on 27th March, 1995 [reported at (1995) 128 CTR (Raj) 325]. The question referred for the opinion of the High Court is identical with the question which were referred in DB IT Ref. No. 9/92. While answering the reference in DB IT Ref. No. 9/92 CIT vs. Achaldass Dhanraj (supra) this Court held that :

(3.) CONSEQUENTLY , the reference is answered in favour of the assessee and against the Revenue and it is held that the Tribunal was justified in holding that unpaid sales-tax, purchase-tax liability, if paid within the time allowed under the respective Acts although after the relevant year of assessee, should not be disallowed by virtue of S. 43B of the IT Act, 1961.