1998 (4) TMI 13

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.... Corporation (Agencies) Limited, Madras, is the assessee. The assessment year is 1981-82 for which the accounting period ended March 31, 1981. The assessee in the course of assessment proceedings placing implicit reliance on the decision of the Calcutta High Court in the case of Duncan Brothers and Co. Ltd. v. CIT [1981] 128 ITR 302 contended that the provisions for taxation amounting to Rs. 57....

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....tax (Appeals) was based on the decision of the Calcutta High Court in Duncan Brothers and Co. Ltd. v. CIT [1981] 128 ITR 302. It is on these facts, the Tribunal at the instance of the Revenue referred the common question as below under section 256(1) of the Income-tax Act, 1961, read with section 18 of the Companies (Profits) Surtax Act, 1964 : "Whether, on the facts and in the circumstances....

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....assessee and against the Revenue by the Calcutta High Court, holding that the assessee was entitled to the deduction of the provision for taxation from its cost of investments in terms of clause (ii) of rule 2 of Schedule II. While so holding their Lordships of the Calcutta High Court followed an earlier decision of the said court in the case of the same assessee in Duncan Brothers and Co. Ltd. v.....