T STANES AND COMPANY LIMITED Vs. COMMISSIONER OF INCOME TAX
LAWS(SC)-1990-12-8
SUPREME COURT OF INDIA
Decided on December 04,1990

T.STANES AND COMPANY LIMITED Appellant
VERSUS
COMMISSIONER OF INCOME TAX. Respondents





Cited Judgements :-

COMMISSIONER OF INCOME TAX VS. ASHOK IRON AND STEEL ROLLING MILL [LAWS(ALL)-1991-12-58] [REFERRED TO]
T STANES AND COMPANY LIMITED VS. COMMISSIONER OF INCOME TAX [LAWS(MAD)-1995-10-6] [REFERRED TO]


JUDGEMENT

- (1.)Civil Appeals Nos. 581-586 of 1976: The following question was referred to the High court by the Income-tax Appellate tribunal u/s. 66(1) of the Indian Income-tax Act, 1922 (see COMMISSIONER OF INCOME TAX V/s. T. Stanes and. Co. Ltd. [ 1976] 105 ITR 251, 257) :
"Whether, on the facts and in the circumstances of the case, the assessee would be entitled to claim as deductions the sums of Rs. 13,789.00, Rs. 16,587.00, Rs. 31,454.00, Rs. 44,622.00, Rs. 12,907.00 and Rs. 15,570.00 respectively, for the assessment years 1959-60 to 1964-65, or any part thereof u/s. 10(2)(xv) or under the corresponding provisions of sec. 37 of the Income-tax Act of 1961 -

(2.)keeping in view of the peculiar facts and circumstances of this case, High court answered the question partly in favour of the Revenue in following terms:
"We, accordingly, hold that (1) in respect of the assessment years 1959-60 and 1960-61, the sums of Rs. 13,789.00 and Rs. 16,587.00 are not allowable deductions u/s. 10(2) (xv) of the Act, and (2) except to the extent of Rs. 1,004.00, Rs. 5,070.00; Rs. 2,352.00 and Rs. 6,716.00 referable to the excess of amounts paid over and above the income of the fund and which was charged to the profit and loss account in the assessment years 1961-62, 1962-63, 1963-64 and 1964-65, respectively, the balance of the amount in these assessment years are not allowable deductions."

(3.)We have heard learned counsel for the parties. We have been taken through the reasoning of the High court on the basis of which the above quoted answer was rendered. We see no infirmity in the same. There is, thus, no ground to interfere with the High court judgment. The appeals are dismissed with no order as to costs.
Civil Appeals Nos. 3903-07 of 1983, 3897-3901 of 1983 :

In view of our order in Civil appeals Nos. 581-586 of 1976, these appeals are dismissed with no order as to costs.

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