https://www.taxtmi.com/caselaws?id=22033 The Supreme Court held that the inclusion of capital gains in the total income of the assessee firm was not taxable based on the precedent set in K. P. Varghese v. ITO. Therefore, the first issue was concluded without the need for further reference. Regarding the weighted deduction under section 35B of the Income-tax Act, the court found that the Tribunal erred in not referring the legal issue raised by the assessee's claim. The court directed the Tribunal to refer the second question for further consideration, partially allowing the petition and issuing a mandamus for the reference, with no order as to costs. en-us Mon, 27 May 1991 00:00:00 +0530 Sat, 05 Dec 2009 16:05:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22033 The Supreme Court held that the inclusion of capital gains in the total income of the assessee firm was not taxable based on the precedent set in K. P. Varghese v. ITO. Therefore, the first issue was concluded without the need for further reference. Regarding the weighted deduction under section 35B of the Income-tax Act, the court found that the Tribunal erred in not referring the legal issue raised by the assessee's claim. The court directed the Tribunal to refer the second question for further consideration, partially allowing the petition and issuing a mandamus for the reference, with no order as to costs. Case-Laws Income Tax Mon, 27 May 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22033