2001 (8) TMI 45

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....The following questions have been referred for the opinion of this court under section 256(1) of the Income-tax Act, 1961 (in short "the Act"), by the Income-tax Appellate Tribunal, Delhi Bench-C (the "Tribunal" in short): "1. Whether, on the facts and in the circumstances of the case and on the interpretation of the provisions of sub-section (3) of section 33 of the Act, the Appellate Tribunal....

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....ce on a decision of the Allahabad High Court in Addl. CIT v. Vishnu Industrial Enterprises [1980] 122 ITR 919. The view expressed in the said case was specifically overruled by the Supreme Court in Shri Shubhlaxmi Mills Ltd. v. Addl. CIT [1989] 177 ITR 193. Consequentially, we would have answered the question in favour of the Revenue but we find that section 34(3)(a), as amended by the Finance Act....