1991 (3) TMI 129

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.... SUGLA J.-The reference is at the instance of the assessee. The assessment years involved are 1972-73, 1973-74 and 1974-75. By its order dated February 3, 1976, under section 256(1) of the Income-tax Act, 1961, the Income-tax Appellate Tribunal has referred to this court the following question of law: "Whether, on the facts and in the circumstances of the case and on a correct interpretation of....

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.... of 1976 decided on July 19, 1990 ), was also dealing with the interpretation of rule 1 (x) of the First Schedule to the Surtax Act, 1964. His submission is that the question herein is not covered by the decision of the Supreme Court or of our court. Placing reliance on the Madras High Court decisions in the cases of CIT v. Madras Motor and General Insurance Co. Ltd. [1986] 159 ITR 601 and CIT v. ....

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....lier decision in Distributors (Baroda) P. Ltd. v. Union of India [1985] 155 ITR 120, held that the interpretation given to section 80M in that case was applicable to section 80K also. Reliance placed by Shri Dilip Dwarkadas on the Board's Circular No. 341 dated May 10, 1982, is of no consequence as the said circular was issued on the basis of the Supreme Court's earlier decision in the case of Clo....