Ordinary Original Civil Jurisdicgtion Income Tax Reference v. M/S. London Star Diamond Pvt. Ltd

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICGTION INCOME TAX REFERENCE NO. 417 of 1995 The Commissioner of Income Tax ... Applicant. vs. M/s. London Star Diamond Pvt. Ltd...... Respondent Mr. Parag Vyas i/b. H. D. Rathod for Applicant. Mr. B. V. Jhaveri for Respondent P. C. : CORAM: V. C. DAGAAND A. S. AGUIAR JJ.Date: 10[th] August, 2005. 1. By this reference arising out of I.T.A. No. 1337& 1338/Bom/1986, forAssessment Years 1981-82 and 1982-83, under section 256(1) ofthe Income-tax Act the Tribunal has referred the following question oflaw for the opinion of this court at the instance of the Revenue: (1) Whether on the facts and in the circumstances of thecase, the Tribunal was right in law in upholding theorder of the C.I.T. (A) holding that the assessee was anindustrial company and not a trading company and thusdirecting to tax income of the assessee companytreating the same as industrial company. 2. Both counsel appearing for the rival parties agree that the questionreferred to above, stands covered by the judgment of this court inthe case of Commissioner of Income Tax vs. London StarDiamond Co. (I) Ltd., reported in [1995] 213 ITR 517. In thisview of the mater the question is answered in the affirmative i.e., infavour of the assessee, against the revenue. Reference is accordingly disposed of with no order as to costs. (V. C. DAGA J. ) (A. S. AGUIAR J.) -x-