1988 (11) TMI 37 - HC - Income Tax

Summary

The High Court of Punjab and Haryana decided on the assessment year 1974-75 for Saraswati Industrial Syndicate Limited. The court ruled against the assessee on the issue of 'corrosive chemicals' and interest chargeability under section 139(8) of the Income-tax Act. The judgment cited previous cases and the Supreme Court's decision in Central Provinces Manganese Ore Co. Ltd. v. CIT [1986] 160 ITR 961. The court disposed of the reference with no order as to costs.