Delhi H.C : Whether, on the facts and in the circumstances of the case, the Tribunal was right in law to hold that the sum of Rs. 55,45,658 received by the assessee-company as its share of shop deposits is not an income, which has been assessed by the AO on protective basis ?

High Court Of Delhi

CIT vs. Deeksha Holdings Pvt. Ltd.

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

ITC No. 49 of 1999

16th May, 2000

Counsel Appeared
R.D. Jolly with Ms. Premlata Bansal, for the RevenueJUDGMENT

BY THE COURT :

In this application under s. 256(2) of the IT Act, 1961, the Revenue seeks a direction to the Tribunal to state the case and refer the following question, said to be one of law, in respect of asst. yr. 1986-87, for the opinion of this Court :

“Whether, on the facts and in the circumstances of the case, the Tribunal was right in law to hold that the sum of Rs. 55,45,658 received by the assessee-company as its share of shop deposits is not an income, which has been assessed by the AO on protective basis ?”

2. In spite of service of notice no one appears for the respondent. We have accordingly heard learned counsel for the Revenue.

3. Keeping in view the fact that a similar issue was the subject-matter of ITC No. 149 of 1992, pertaining to the immediately preceding assessment year, i.e. 1985-86, and a reference was called for in that case, we direct the Tribunal to state the case and refer the following question for the opinion of this Court :

“Whether, on the facts and in the circumstances of the case, the Tribunal was right in law to hold that the sum of Rs. 55,45,658 received by the assessee-company as its share of shop deposits is not its income ?”

The petition stands disposed of.

[Citation : 246 ITR 485]

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