1989 (4) TMI 22

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....mmissioner of Income-tax, West Bengal, the following questions of law have been referred to this court under section 256(1) of the Income-tax Act, 1961, for the assessment years 1973-74 and 1974-75. "(1) Whether, on the facts and in the circumstances of the case and on a correct interpretation of rule 4 of the Second Schedule to the Companies (Profits) Surtax Act, 1964, the Tribunal was correct....

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...., [1990] 182 ITR 113 the first question is answered in the affirmative and in favour of the assessee. The second question came up for consideration in the assessee's own case in CIT v. Cramophone Co. of India Ltd. [1986] 162 ITR 725 (Cal). Following the said decision, we answer the second question in the manner indicated hereafter. On the finding of the Tribunal and following the law laid do....