Rc/7/1997 Of Coromandal Fertilisers Hyd v. Commissioner Of Income Tax Hyd

THE HON’BLE SRI JUSTICE V.V.S.RAOAND THE HON’BLE SRI JUSTICE B.N.RAO NALLA REFERRED CASE No.7 OF 1997 Dated:30.11.2011 Between: Jindal Ferro Alloys Limited,Visakhapatnam.. Applicant AndThe Commissioner of Income-tax,Vizag .. Respondent THE HON’BLE SRI JUSTICE V.V.S.RAOANDTHE HON’BLE SRI JUSTICE B.N.RAO NALLA REFERRED CASE No.7 OF 1997 ORDER:(Per Hon’ble Sri Justice V.V.S.Rao) M/s.Jindal Ferro Alloys Limited, Visakhapatnam (the assessee)got the following two questions referred to the opinion of this Court under Section 256(1) of the Income Tax Act, 1961 (the Act). 1.Whether the facts and in the circumstances of the case, theTribunal was correct in assessing the amount ofRs.23,15,229/- received as cash compensatory allowance asincome on the basis of accrual for the asst. year 1989-90when the said income was accounted on the cash basis in theyear of receipt in asst. year 1990-91?Tribunal was correct in assessing the amount ofRs.23,15,229/- received as cash compensatory allowance asincome on the basis of accrual for the asst. year 1989-90when the said income was accounted on the cash basis in theyear of receipt in asst. year 1990-91? 2.Whether the facts and in the circumstances of the case, theTribunal was correct in rejecting assessee’s contention thatthe cash compensatory allowance of Rs.23,15,229/- cannot beassessed to tax for the asst. year 1989-90 rejecting the cashsystem of accounting adopted for accounting of the saidsource of income?Tribunal was correct in rejecting assessee’s contention thatthe cash compensatory allowance of Rs.23,15,229/- cannot beassessed to tax for the asst. year 1989-90 rejecting the cashsystem of accounting adopted for accounting of the saidsource of income? When the matter is called, Sri Y.Ratnakar, counsel for theassessee, submits that his client is no more interested to pursue thematter. In that view of the matter, we decline to answer the questionsreferred to this Court. The Referred Case shall stand disposed of accordingly. ________________ (V.V.S. RAO, J) 30.11.2011 KH _____________________ (B.N.RAO NALLA, J)