1988 (11) TMI 39

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....re pertains to the framing of surtax assessment under the Companies (Profits) Surtax Act, 1964. The questions of law referred for the opinion of this court being as under (1) Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal erred in law, in holding that the amount of Rs. 9,99,245 constituted of the sums of Rs. 62,710 and Rs. 9,36,535, respectively, ma....

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....puting the capital employed ?" The answer to the first question is provided by the two judgments of the Supreme Court in Vazir Sultan Tobacco Co. Ltd. v. CIT [1981] 132 ITR 559 and CIT v. Saran Engineering Co. Ltd. [1986] 161 ITR 741. In terms thereof, this question is answered in the negative, in favour of the assessee and against the Revenue. The second question stands covered by the judgment ....