Industrial Cables (India) Limited, Rajpura v. The Commissioner Of Income Tax, Patiala

ITR No. 145 of 1989 (O&M) IN THE HIGH COURT OF PUNJAB AND HARYANA ATCHANDIGARH ITR No. 145 of 1989 (O&M)Date of decision: October 27, 2009 Industrial Cables (India) Limited, Rajpura ...Appellant Versus The Commissioner of Income Tax, Patiala ...Respondent CORAM:- HON'BLE MR. JUSTICE ADARSH KUMAR GOELHON'BLE MR. JUSTICE GURDEV SINGH Present: Mr. Animesh Sharma, Advocate, for the assessee.None for the revenue. ORDER At the instance of the assessee, the Income-tax AppellateTribunal, Chandigarh Bench, Chandigarh, has referred the following twoquestions of law arising out of its order dated 22[nd] April, 1988 in crossappeals being I.T.A. Nos. 222 & 305 and cross objection 39 of 1985 relatingto the assessment year 1979-80, for the opinion of this Court:- “1. Whether, on the facts and in the circumstances of the case,the Tribunal was right in law in holding that no weighteddeduction under Section 35B (1) (b) (viii) of the Income TaxAct, 1961 (for short 'the Act') is admissible on account of oceanfreight ? 2. Whether, on the facts and in the circumstances of thecases, the Tribunal was right in law in holding that the amountof Rs. 31,56,238/- on account of sale of import entitlementsrepresented receipts liable to income-tax and not capitalreceipt ?” ITR No. 145 of 1989 (O&M) In view of the judgment of the Full Bench dated 3.7.2009 in Commissioner of Income-Tax Versus Roadmaster Industries of India(P.) Limited, [2009] 315 ITR 66 (P&H), the questions referred areanswered in favour of the revenue and against the assessee. Reference is disposed of accordingly. (ADARSH KUMAR GOEL) JUDGE October 27, 2009 prem (GURDEV SINGH ) JUDGE Note:- Whether this case is to be referred to the Reporter .....Yes/No