The Commissioner Of Income Tax Haryana, Rohtak v. M/S Laxmi Precision Screws Ltd., Hisar Road, Rohtak

IN THE HIGH COURT OF PUNJAB AND HARYANA ATCHANDIGARH. I.T.R. No. 125 of 1992DATE OF DECISION : 11.01.2008 The Commissioner of Income Tax Haryana, Rohtak .... APPLICANT-REVENUE Versus M/s Laxmi Precision Screws Ltd., Hisar Road, Rohtak ..... RESPONDENT-ASSESSEE CORAM :- HON'BLE MR. JUSTICE SATISH KUMAR MITTALHON'BLE MR. JUSTICE RAKESH KUMAR GARG Present:Mr. Yogesh Putney, Advocate, for the Revenue. Mr. Akshay Bhan, Advocate,for the Assessee. * * * SATISH KUMAR MITTAL, J. ( Oral ) The following question of law has been referred for opinion ofthis Court by the Income Tax Appellate Tribunal, Delhi Bench `C', NewDelhi, arising out of its order dated 14.7.1992 in ITA No. 2170/Del/1991,Assessment Year 1989-90 : “Whether on the facts and in the circumstances of the case theHon'ble Income-tax Appellate Tribunal is right in law indirecting the Assessing Officer to deduct an amount ofRs.56,40,387/- from the figure of Rs. 1,45,70,811/- and on the resultant figure deem 30% thereof to be the income assessableunder section 115J of the Income-tax Act, 1961 ?” Learned counsel for the Assessee submits that the question oflaw referred to this Court is squarely covered in favour of the Assessee bythe decision of the Supreme Court in Surana Steels Pvt. Ltd.v. DeputyCommissioner of Income Tax and others,237 ITR 777 (supra). Learnedcounsel for the Revenue is unable controvert this factual and legal position. Hence, in view of the decision of the Supreme Court inSurana Steels Pvt. Ltd.v. Deputy Commissioner of Income Tax andothers,237 ITR 777 (supra), the aforesaid question of law referred to thisCourt, is answered against the Revenue and in favour of the Assessee.The question referred is answered against the Revenue and infavour of the Assessee. Reference is disposed of accordingly. ( SATISH KUMAR MITTAL )JUDGE January 11, 2008 ndj ( RAKESH KUMAR GARG )JUDGE