COMMISSIONER OF INCOME TAX Vs. SYNBIOTOCS LIMITED
HIGH COURT OF GUJARAT
COMMISSIONER OF INCOME-TAX
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(1.) THE statement of case forwarded by the Income-Tax Appellate Tribunal, Ahmedabad Bench "c", is a consolidated statement in relation to two Reference Applications filed by the Revenue and two Reference Applications filed by the assessee, all the Reference Applications relating to Assessment Year 1982-83. The Tribunal has only referred the questions at the instance of the assessee while rejecting the said Reference Applications of the Revenue.
(2.) HEARD the learned Advocates appearing for the respective parties. It is a common ground between the parties that the referred questions stand concluded by decisions rendered by this High Court. Hence, it is not necessary to set out facts and contentions in detail.
(3.) FOLLOWING two questions have been referred in Reference Application No. 626/ahd/1987 : whether on the facts and in the circumstances of the case, the Tribunal was right in law in rejecting the assessee's claim for liability of Rs. 2,26,76,217/- arising under the provisions of Drugs (Price Control) Order, 1979, on the ground that the addition of Rs. 2,26,76,217/- being notional income was not upheld by the Tribunal and ultimately if and when the revenue challenged the said deletion the assessee's claim for liability would become alive ? whether on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that interest u/s. 215 of the Act was rightly charged even when the assessee could not anticipate the addition of notional income as also the disallowance of statutory liability arising under the drugs (Price Control Order, 1979"?;
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