1982 (7) TMI 75

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....tions have been referred to this court by the Tribunal under s. 256(1) of the I.T. Act, 1961, (hereinafter called " the Act"): " (1) Whether, on the facts of the case, the Tribunal was right, in law in holding that the sum of Rs. 2,13,618 received by the assessee by virtue of the provisions of the proviso to section 7A(4), Indian Electricity Act, 1910, formed part of the price within the meanin....

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....e electric supply undertaking of the assessee was taken over by the erstwhile Punjab State Electricity Board with effect from July 4, 1962, and the total amount of Rs. 13,83,585 was assessed as compensation for the building, machinery and other equipment. However, Rs. 2,69,469 were deducted out of the said amount on account of the value of the equipment financed by the consumers and the amount pay....

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....d by s. 41(2) of the Act was computed by the ITO as Rs. 6,75,323. As the actual cost and the written down value included the amounts of consumers contributions also, the ITO reduced the written down value by a sum of Rs. 1,69,890 and thereby " assessed the profits at Rs. 2,77,050 for the purpose of s. 41(2) of the Act. Having failed on this issue before the AAC as well as the Tribunal, the assesse....

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.... after going through the supplementary statement of the case, we are constrained to observe that the Tribunal has still failed to give answer on the first point and has reiterated what was already stated earlier. In spite thereof, we do not propose again to refer back the case, but opt to go through the record ourselves to decide the matter finally. From the perusal of the various schedules and....