1988 (11) TMI 22

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....eferred by the Income-tax Appellate Tribunal, Chandigarh, on the basis of Reference Application No. 117 filed by the assessee. Similar question was referred to this, court in Income-tax Reference No. 99 of 1980 (Highway Cycle Industries Ltd. v. CIT [1989] 178 ITR 601 (P & H)) and on November 15, 1988, we decided the question in favour of the Revenue. For the reasons recorded therein, we answer the....

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.... the Income-tax Act, 1961?" Questions with regard to R. A. Nos. 15 and 16 filed by the Revenue: (1) Whether on the facts and in the circumstances of the case, the Tribunal was in error, in law, in holding that for the purpose of computing capital for determining permissible deduction under section 80J of the Act to the assessee, debts owed and liabilities were not to be adjusted from the assets ....

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....ly, 1975-76 and 1976-77 ? (4) Whether the Tribunal was in error, in law, in holding that even if the provisions of section 40(c) could be said to be applicable, each of the minors having shared profit of a sum less than Rs. 72,000 from the sole selling agency firm, no addition could be made under section 40(c) of the Act for the assessment years 1975-76 and 1976-77 ? Question No. (1) stands conc....