TMI Blog2010 (8) TMI 334X X X X Extracts X X X X X X X X Extracts X X X X ..... JUDGMENT M. M. Sundresh J.- The assessee has come up on appeal challenging the order passed by the Tribunal in I. T A. No. 3086/Mds/1993 datedJuly 29, 2002by raising the following questions of law : "1. Whether the Tribunal was, in the light of Circulars Nos. 559 of 1990 and 680 of 1994 and the decision of the Supreme Court in K. P. Varghese v. ITO [1981] 131 ITR 597, Paper Products L ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... clause (iii) of the Explanation to section 115J of the Income-tax Act, 1961 while computing the book profit under the said section ?" The facts in brief : 2. The assessee is a company registered under the Companies Act, 1956. For the assessment year 1990-91, the assessee filed its return of income declaring an income of Rs. 22,09,360 being 30 per cent. of the book profit, as prescribed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e to be accepted by the Assessing Officer. 2.3. The further appeal made by the Revenue was allowed by the Tribunal and therefore, the assessee has filed the present appeal. 3. The questions of law raised in this appeal have already been decided by this court in CIT v. Rajanikant Schnelder and Associates P. Ltd. reported in [2008] 302 ITR 22, wherein this court was pleased to hold that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le category only. It is also admitted by the learned counsel for the respondent that the said decision of the Division Bench of this court, was subsequently followed by this court in another case as well. 4. Considering the law laid down by this court and applying the same to the facts on hand, we are of the opinion that the questions of law raised will have to be answered in favour of the a ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
