1993 (8) TMI 43

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....red by K. S. PARIPOORNAN J.-At the instance of the Revenue, the Income-tax Appellate Tribunal has referred the following question of law for the decision of this court : "Whether, on the facts and in the circumstances of the case, secured loans from the banks and the provision for taxation should be adjusted against the value of investments while computing the capital under rule 2 of the Sec....

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....xation for the year 1977-78 was Rs. 1,83,896 and secured loan from banks was Rs. 2,85,430. He took the view that under rule 2(ii) of the Second Schedule to the Companies (Profits) Surtax Act, any surplus and any such reserve as is not taken into account in computing the capital under rule 1 can be deducted from the cost of the assets. According to him, provision for taxation or the secured loan fr....

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....warded a statement of the case dated September 17, 1990. In paragraph 4 of the statement of the case, the Tribunal has amplified what it has stated in paragraph 3 of the appellate order dated August 26, 1987. According to the statement of the case, the decision of the Appellate Tribunal for the earlier years in favour of the assessee is not in the case of the very same assessee, but in the case of....

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....incorrect. Probably, the Tribunal had in mind the decision referred to by it in the statement of the case dated September 17, 1990 (common order of the Appellate Tribunal dated September 13, 1985, in the case of another company belonging to the same group). It is not permissible for the Appellate Tribunal to make out a new plea or entirely a different version at the time of drawing up the statemen....