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The Commissioner of Income Tax, Jalandha v. M/S S.I.Bricks & Builders Pvt. Ltd. - ITR-89-1996  RD-P&H 9063 (23 October 2006)
IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH
I.T.R. No.89 of 1996
Date of decision:1.11.2006
The Commissioner of Income Tax, Jalandhar ...Appellant
M/S S.I.Bricks & Builders Pvt. Ltd.
CORAM: HON'BLE MR.JUSTICE ADARSH KUMAR GOEL
HON'BLE MR.JUSTICE RAJESH BINDAL
Present: Mr.S.K.Garg Narwana, Advocate.
Following question of law has been referred for opinion of this Court by the Income Tax Appellate Tribunal, Chandigarh Bench, Chandigarh arising out of its order dated 7.3.1995 passed in I.T.A.No.1296 of 1989, in respect of the assessment year 1985-86.
"i) Whether on the facts and in the circumstance of the case, the I.T.A.T. was right in law in holding that amounts received in installments on account of sale of plots by the assessee who is a colonizer are not its trading receipts?"
The Tribunal decided the issue in favour of the assessee following its decision in I.T.A. Nos.420 & 421 of 1989 for the assessment years 1983-84 and 1984-85. Reference arising out of the said order being ITR No.53 and 54 of 1991- The Commissioner of Income, Jalandhar Vs. M/S S.I.Bricks & Builders Pvt. Ltd. has ***
been decided today and question referred has been answered in favour of the Revenue.
Accordingly, the question referred is answered in favour of the Revenue and against the assessee.
(Adarsh Kumar Goel)
November 1 ,2006 (Rajesh Bindal)
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