1991 (2) TMI 66

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..... o the assessee's surtax assessment for the assessment years 1970-71 and 1971-72, the Income-tax Appellate Tribunal has referred to this court only one question of law under section 256(1) of the Income-tax Act, 1961. The question reads thus : "Whether, on the facts and in the circumstances of the case, the amount of Rs. 19,97,065 transferred to the "General Reserve No. I" account was includible i .....

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..... g done so, it passed the entry of Rs. 20,34,872 under the head "Depreciation reserve". It is out of this depreciation reserve that the amount of Rs. 19,97,065 was transferred to General Reserve No. 1 account in the year 1969 which is in dispute before us. On these facts, we find that the judgment of our court in the case of CIT v. Zenith Steel Pipes Ltd. [1978] 112 ITR 215, is fully applicable. I .....

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