1989 (4) TMI 22

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..... , the following questions of law have been referred to this court under section 256(1) of the Income-tax Act, 1961, for the assessment years 1973-74 and 1974-75. "(1) Whether, on the facts and in the circumstances of the case and on a correct interpretation of rule 4 of the Second Schedule to the Companies (Profits) Surtax Act, 1964, the Tribunal was correct in holding that a diminution of the ca .....

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..... answered in the affirmative and in favour of the assessee. The second question came up for consideration in the assessee's own case in CIT v. Cramophone Co. of India Ltd. [1986] 162 ITR 725 (Cal). Following the said decision, we answer the second question in the manner indicated hereafter. On the finding of the Tribunal and following the law laid down by the Supreme Court in Vazir Sultan Tobacco .....

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