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C.I.T. v. M/S U.P.F.Corp. - INCOME TAX REFERENCE No. 196 of 1992  RD-AH 987 (6 April 2005)
Income Tax Reference No.196 of 1992
Commissioner of Income Tax, Kanpur v.
M/s U.P.Financial Corporation, Kanpur
Hon'ble R.K.Agrawal, J.
Hon'ble Rajes Kumar, J.
(Delivered by R.K.Agrawal, J.)
The Income Tax Appellate Tribunal, Allahabad has referred the following questions of law under Section 256(1) of the Income Tax Act, 1961 (hereinafter referred to as "the Act") for opinion to this Court:-
The reference relates to the Assessment Year 1982-83.
We have heard Sri Shambhoo Chopra, learned Standing Counsel appearing for the Revenue. Sri S.K.Gupta has filed his appearance on behalf of respondent assessee.
We find that this Court in the case of the respondent assessee itself, reported in (1996) 217 Income Tax Reference 191, which related to the assessment years 1971-72 and 1974-75, had answered the similar question being question no.4 therein in favour of the assessee and against the Revenue. The aforesaid decision has been followed by this Court in the case of the respondent assessee itself, relevant to the assessment year 1977-78, being Income Tax Reference No.5 of 1985, decided on 28.9.2004.
Respectfully following the aforesaid decision, we answer the question referred to us in the affirmative, i.e., in favour of the assessee and against the Revenue. There shall be no order as to costs.
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