9911796707
TMI Blog1998 (4) TMI 94X X X X Extracts X X X X X X X X Extracts X X X X ..... to the assessment of its income for the assessment year 1975-76, the Income-tax Appellate Tribunal has stated a case and referred the following two questions of law for our opinion under section 256(2) of the Income-tax Act, 1961 : "1. Whether, on the facts and circumstances of the case, the Tribunal was right in holding that the sum of Rs. 41,86,901 is not liable to deduction ? 2. Whether the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has not been set off against the contribution allowed to be deducted in determining the total income of the assessee for the assessment year 1975-76. He, therefore, reduced the deduction already allowed by the amount already allowed as a deduction. The Commissioner of Income-tax (Appeals) upheld the view of the Income-tax Officer which was confirmed by the Appellate Tribunal. The case of the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d in case the High Court reverses the view of the Tribunal in references pending for the earlier assessment years 1971-72 and 1973-74." The assessee has challenged the order of the Appellate Tribunal to safeguard its position and the two questions of law set out earlier have been referred to us at the instance of the assessee. On a perusal of the order of the Appellate Tribunal, we find that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the questions raised should be answered against the assessee. Accordingly, we answer both the questions of law in the affirmative and against the assessee. Since the Appellate Tribunal has safeguarded the position of the assessee in case of reversal of its earlier order if the assessee is unable to get the deduction in the earlier two assessment years, there is no need to give any further directio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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