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1976 (10) TMI 2
1961 Act, Assessment Year, Revised Returns ... ... ... ... ..... the previous year (relevant to the assessment year in question) had, according to the mercantile system of accounting, become receivable prior to the said previous year, so that it was not necessary to consider whether or not it represented partly or wholly revenue receipt is justified. The Tribunal was justified in holding that it was unnecessary to consider in the appeal (ITA No. 17355 of 1966-67), whether the capital cost of the plant should have been reduced by the amount of Rs. 1,11,466, though not for the reason given by it (the Tribunal). As our answers are partly in favour of the assessee and partly in favour of the revenue, we direct the parties to bear their own costs in this reference. The supplementary statement of the case submitted by the Tribunal in this case (I.T.R. No. 723 of 1970) has been wrongly numbered as I.T.R. No. 475 of 1973, though this is not an independent reference. Hence, it is not necessary to pass any separate order in I.T.R. No. 475 of 1973.
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1976 (10) TMI 1
Whether a company whose main source of income is from house property can be treated as company whose business consists only and mainly in dealing in or holding investments as per explanation 2(1) and s. 23(a) - assessee must be treated as a company whose business consisted wholly or mainly in holding of investments for the purpose of levying additional super tax on the undistributed balance of its business. - Assessee appeal dismissed
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