1984 (2) TMI 62

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....d by SUJATA V. MANOHAR J.-This is an application under s. 256(2) of the I.T. Act, 1961, for asking the Tribunal to state a case and raise the following question of law: " Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the amount of the advance tax paid on account of the profits of the new industrial undertaking constitutes an asset t....

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....ady paid. It is the contention of the Department that advance tax paid is not an asset. The assessee has submitted that advance tax payment is in the nature of a deposit. The assessee has also submitted that the capital has been correctly computed in any view of the matter in the present case. Mr. R. J. Joshi, learned counsel for the Department, drew our attention to a decision in the case of C....