The National Rayon Corp Ltd v. The Commissioner Of Income Tax

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTIONINCOME TAX REFERENCE NO.2 OF 1996 The National Rayon Corp Ltd. : Appellant v/s The Commissioner of Income Tax : Respondent Mr. S.J. Mehta for AppellantMs. Devaku Iyer i/b Vimal Gupta for respondent Coram : Dr. S. RadhakrishnanS.J. Kathawalla, JJ.Date : 24.9.2008 P.C. .Heard the learned counsel for the appellant and the learned counsel for the respondent. .counsel. The following question is argued by the law has already been answered in favour of theassessee and against the revenue by judgment of theHon’ble Supreme Court in case of Surana Steels Pvtltd. Deputy Commiossioner of Income Tax 237 ITR 777. In view thereof the reference is answered in favour of the assessee and against the revenue. .The learned counsel Mr. Mehta states thatapplicant is not keen to proceed with the notice motion taken out in the above reference. In viewthereof notice of motion stands dismissed. of (S.J. Kathawalla,J.) (Dr. S.Radhakrishnan,J.)