R.D. Agrawala, Judicial Member - (1.)THESE are 6 appeals preferred by the Andhra Pradesh State Road Transport Corporation, Hyderabad-a public limited company wherein the lone controversy centres round the interpretation of Sub-section (4) of Section 11 of the Income-tax Act, 1961 (referred as Act for brief).
(2.)We have heard the learned representatives on both sides.
A few facts first. The assessment of the assessee corporation providing passenger transport in the State of Andhra Pradesh, for the assessment years 1967-68, 1968-69 and 1969-70 was completed on 28-9-71,30-11-71 and 31-1-72 determining the total income at Rs. 38,56,175, Rs. 99,67,650 and Rs. 83,67,343 respectively. Initially the assessee's claim seeking exemption Under Section 11 of the Act was not accepted. However, the matter when taken to the High Court of Andhra Pradesh and the assessee succeeding on 23-11-1971 in a reference proceedings in Andhra Pradesh Road Transport Corpn. v. CIT [1975] 100 ITR 392 (AP) which decision was also affirmed by the Supreme Court in CIT v. Andhra Pradesh State Road Transport Corpn. [1986] 159 ITR 1 holding that the appellant corporation is entitled to the exemption claimed, the assessments were set aside by the Commissioner with directions to the Income-tax Officer to examine whether other formalities as envisaged by Section 11 had been complied with.

(3.)WHILE no other deficiency was found in the claims laid by the assessee, invoking the provisions of Sub-section (4) of Section 1.1 the Income-tax Officer determined the following income of the assessee for the aforesaid 3 assessment years:
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