LAWS(CAL)-1980-9-40

COMMISSIONER OF INCOME TAX AND SUPER PROFITS TAX Vs. INDIAN LEAF TOBACCO DEVELOPMENT CO LTD

Decided On September 02, 1980
COMMISSIONER OF INCOME-TAX AND SUPER PROFITS TAX Appellant
V/S
INDIAN LEAF TOBACCO DEVELOPMENT CO. LTD. Respondents

JUDGEMENT

(1.) In this reference under Section 256(1) of the I.T. Act, 1961, the following question has been referred to this court:

(2.) The point was disposed of by the Tribunal for the reasons which are best set out in the words of the Tribunal as follows :

(3.) As we have noticed before, the short question is whether the excess amount of the depreciation of the sum of Rs. 58,85,850 should be allowed to be considered as a reserve within the meaning of Rule 1 of the Second Schedule to the S.P.T. Act, 1963.