1991 (4) TMI 12

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... the Income-tax Appellate Tribunal has referred to this court the following questions of law for opinion under section 256(1) of the Income-tax Act, 1961 : Assessment year 1971-72 : " 1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the amount of Rs. 2,128 being part of the gratuity reserve should not be reduced in the computation of c .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... panies (Profits) Surtax Act, 1964 ? " Counsel are agreed that, in view of the Supreme Court's judgment in the case of Second ITO v. Stumpp Schuele and Somappa P. Ltd. [1991] 187 ITR 108, the second question pertaining to the assessment year 1971-72 is to be answered in the affirmative and in favour of the assessee and that, in view of another decision of the Supreme Court in the case of Vazir Su .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... as not justified in deducting the amount of Rs. 2,128 as this amount was not part of the gratuity reserve as on January 1, 1970, and this pertained to the financial year 1970 and was actually deducted in the assessment for the assessment year 1971-72. As the Appellate Assistant Commissioner was satisfied that this was an inadvertent mistake on the part of the Income-tax Officer, he directed the In .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X