1976 (4) TMI 4 - HC - Income Tax

Summary

The High Court of Gujarat ruled in favor of the assessee on both questions referred by the Tribunal. The first question was answered affirmatively based on a previous decision. The second question involved the Tribunal's jurisdiction to allow the assessee to raise an additional ground, which was deemed permissible as it pertained to a computation already before the lower authorities. The court held in favor of the assessee on the second question as well, with costs awarded to the assessee.