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TMI Blog1991 (4) TMI 12X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee's assessment years 1971-72 and 1972-73, the Income-tax Appellate Tribunal has referred to this court the following questions of law for opinion under section 256(1) of the Income-tax Act, 1961 : Assessment year 1971-72 : " 1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the amount of Rs. 2,128 being part of the gratuity r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e capital base for surtax purposes tinder the Companies (Profits) Surtax Act, 1964 ? " Counsel are agreed that, in view of the Supreme Court's judgment in the case of Second ITO v. Stumpp Schuele and Somappa P. Ltd. [1991] 187 ITR 108, the second question pertaining to the assessment year 1971-72 is to be answered in the affirmative and in favour of the assessee and that, in view of another decis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ant Commissioner that the Income-tax Officer was not justified in deducting the amount of Rs. 2,128 as this amount was not part of the gratuity reserve as on January 1, 1970, and this pertained to the financial year 1970 and was actually deducted in the assessment for the assessment year 1971-72. As the Appellate Assistant Commissioner was satisfied that this was an inadvertent mistake on the part ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ay of the previous year, that is, on the last day of the earlier period relating to the assessment year 1970-71. Accordingly, we do not agree with Shri Jetley, that the first question is also covered by the Supreme Court's decision in Vazir Sultan Tobacco Co. Ltd. v. CIT [1981] 132 ITR 559, and answer the question in the affirmative and in favour of the assessee. No order as to costs. X X X X Extracts X X X X X X X X Extracts X X X X
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