TMI Blog1986 (1) TMI 4X X X X Extracts X X X X X X X X Extracts X X X X ..... complied with - - - - - Dated:- 8-1-1986 - Judge(s) : SABYASACHI MUKHERJEE. and R. S. PATHAK. ORDER This appeal by certificate is directed against the judgment dated February 26, 1975, of the Bombay High Court allowing a writ petition filed by the respondent in which he challenged the disallowance of deduction claimed by him. The respondent, which maintains its accounts on the mercan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... valuation. During the assessment proceedings before the Income-tax Officer, Circular dated September 26, 1974, was issued by the Central Board of Direct Taxes. That circular superseded the earlier circular and on its basis, the Income-tax Officer rejected the claim to deduction made by the respondent. A writ petition was filed in the High Court and the High Court has granted relief inasmuch as a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... us necessary that the High Court should examine whether those provisions have been complied with in the present case having regard to what has been laid down in that case. There is no dispute between the parties that the first condition in that provision has been satisfied by the respondent. What remains is to determine whether the second and third conditions are also satisfied. In the circumsta ..... X X X X Extracts X X X X X X X X Extracts X X X X
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