1980 (6) TMI 14

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....ADI C.J.-The Income-tax Appellate Tribunal, Cochin Bench (hereinafter called " the Tribunal "), has referred to this court under s. 256(1) of the I.T. Act, 1961, for short, the Act, the following question of law as arising out of its order dated 26th April, 1977, in I.T.A. No. 355/Coch/1974-75: "Whether, on the facts and in the circumstances of the case, the reopening of the assessment for the as....

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....Subsequently, he came to know that the AAC, while dealing with an appeal arising out of the assessment made on the assessee-company for the assessment year 1970-71, had held that such grant made to the Labour and Industrial Bureau could not be considered as allowable deduction. In view of this, the ITO initiated proceedings for reopening the assessment under s. 147(b) of the Act, and issued a noti....

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.... respect of which a deduction had been originally allowed. The assessee took up the matter in appeal before the AAC who confirmed the revised assessment made by the ITO. On a second appeal being filed by the assessee before the Tribunal, the Tribunal took the view that the decision of the AAC for the assessment year 1970-71 holding that no deduction could be allowed in respect of the grant made by....

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.... of 1977 which arose out of the decision rendered by the Tribunal with respect to the same assessee for the assessment year 1967-68. The judgment of this court in that case is reported in CIT v. Kerala State Industrial Development Corporation Ltd. [1979] 116 ITR 158. Therein this court held that the order of the AAC holding that no deduction could be allowed in respect of the amount given by the a....