2001 (5) TMI 23

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....nfirming the order of the Commissioner of Income-tax (Appeals) to give rebate in the tax payable to the extent of Rs. 67,785 for the amount deposited in the IDBI in lieu of surcharge in accordance with the provisions of section 2(6) and (8) of the Finance Act, 1976, although for the assessment year 1978-79 tax was to be paid in accordance with the provisions of the Finance Act, 1978, which did not provide for such concession ?" The dispute, as the question itself indicates, relates to the assessment year 1978-79. The factual position, which is almost undisputed, is essentially as follows: For the assessment year in question the previous year ended on June 30, 1977. The assessee, a company, was assessed under section 143(3) read wit....

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....ment year under appeal was comprised of 18 months and the assessee was allowed to change the previous year. The period comprised in the accounting period relevant to the assessment year, thus, worked out as January 1, 1976, to June 30, 1977. Undisputedly, the assessee had deposited Rs.82,500 with the I.D.B.I. in lieu of surcharge in terms of the provisions referred to above. As the accounting period comprised 18 months and change in the previous year was permitted, there was no assessment for the assessment year 1977-78. Accordingly, the assessee had claimed relief as credit under the Scheme. That being the position, it was held that the assessee's claim was allowable. On being moved for reference, the question as stated above was referred ....