1988 (12) TMI 20

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..... the Revenue. The questions raised read thus : In R. A. No. 1124 (Bom) of 1975-76: " 1. Whether, on the facts and in the circumstances of the case, the Tribunal is right in holding that the relief granted to the assessee under section 80-1 did not call for a reduction of the capital as contemplated in rule 4 of the Second Schedule to the Companies (Profits) Surtax Act, 1964 ? 2. Whether, on the .....

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..... l computation ?" Counsel are agreed that the first question in both reference applications must be answered in the affirmative and in favour of the assessee in view of the judgments of this court in CIT v. Century Spg. and Mfg. Co. Ltd. [1978] 111 ITR 16, and Commissioner of Surtax v. Ballarpur Industries Ltd. [1979] 116 ITR 528. Counsel are also agreed that the second question in both reference .....

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