COMMISSIONER OF INCOME TAX Vs. CENTURY SPG AND MFG COMPANY LIMITED

JUDGEMENT

(1.) IN this reference made to this Court under S. 256(1) of the IT Act, 1961, the following two questions have been referred to us for our determination at the instance of the CIT, Bombay City III, Bombay:

(2.) AT the outset it may be stated that so far as question No. 2 is concerned, it was common ground that in point of fact no benefit by way of any deduction under S. 84 of the IT Act, 1961 had been claimed by or allowed to the assessee company and if that be the position, the question raised would be clearly academic and as such the same need not be answered.

(3.) AS regards the item of excess provision for taxation, the question in that regard is covered by the decision in CIT vs. Indian Steel Rolling Mills Ltd. (1973) 92 ITR 78 (Mad) and in view of that decision the question in regard to that item is answered in favour of the assessee.