2013 (3) TMI 15

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....hu Chpora ORDER The Income Tax Appellate Tribunal, Allahabad Bench, Allahabad had made the present Reference u/s 256(1) of the Income Tax Act, 1961, at the instance of the Commissioner of Income Tax and the opinion of this Court has been sought for on the following question of law: - "Whether on the facts and in the cirucmstances of the case, the Tribunal was, in fact, justified in uphold....

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....one is present on behalf of the assessee respondent. The CIT(A) has found as under: - "I have gone through the facts of the case and the submissions made by the learned counsel of the appellant. I find that the decision of the Supreme Court as referred to above, is clearly applicable to the facts of the present case. After going through the balance-sheet as on 30.6.81, filed by the appellant....

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.... hold that the Income Tax Officer was not justified in invoking the provisions of Sec. 104(1) of the I.T. Act, 1961, in this case. Accordingly, the additional income tax liability amounting to Rs. 16,450/- is cancelled." The learned counsel for the Department could not dispute the fact that there were no actual accounting profit which are to be taken into account for the purposes of declaration....