Delhi H.C : Whether, on the facts and in the circumstances of the case, the Tribunal is justified in holding that additional tax charged under s. 143(1A) was not chargeable as there was no final positive income determined after adjustment made under s. 143(1)(a) despite the fact that additional tax is chargeable under s. 143(1A)(ii) even if the final result of his reducing the loss only and even if no positive income is finally determined under s. 143(1)(a) since s. 143(1A) now stands amended w.e.f. 1st April, 1989, after amendment by the Finance Act, 1993 ?

High Court Of Delhi

CIT vs. Ajanta Offset And Packing Ltd.

Arijit Pasayat, C.J. & D.K. Jain, J.

ITC No. 37 of 1999

14th July, 2000

Counsel AppearedR.D. Jolly with Ajay Jha, for the Revenue : V.P. Gupta, for the Assessee

JUDGMENT

BY THE COURT :

Heard.

2. This is an application under s. 256(2) of the IT Act, 1961. The prayer is for a direction to the Income-tax Appellate Tribunal (for short “the Tribunal”), to refer the following question for the opinion of this Court : “Whether, on the facts and in the circumstances of the case, the Tribunal is justified in holding that additional tax charged under s. 143(1A) was not chargeable as there was no final positive income determined after adjustment made under s. 143(1)(a) despite the fact that additional tax is chargeable under s. 143(1A)(ii) even if the final result of his reducing the loss only and even if no positive income is finally determined under s. 143(1)(a) since s. 143(1A) now stands amended w.e.f. 1st April, 1989, after amendment by the Finance Act, 1993 ?”

3. We find substance in the submission made by learned counsel that the question needs to be reconsidered by the Tribunal in the light of the amendment w.e.f. 1st April, 1989, by the Finance Act, 1993, so far as s. 143(1A) of the IT Act, 1961, is concerned. We feel that this will be the appropriate course than calling for reference. The application is, accordingly, disposed of with the direction that the Tribunal will reconsider the matter in the light of the amendment.

[Citation : 246 ITR 548]

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