COMMISSIONER OF INCOME TAX Vs. THOMAS DUFF AND CO INDIA PVT LTD

JUDGEMENT

(1.) In this reference under Section 256(1) of the I.T. Act, 1961, two questions have been referred to us; which are as follows:

(2.) Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the relief under section 91 of the Income-tax Act, 1961, was available to the assessee ?" So far as the second question is concerned, in view of the decision of the Supreme Court in the case of CIT v. Clive Insurance Co. Ltd. this question must be answered in the affirmative and in favour of the assessee. It must be remembered that Section 91 of the I.T. Act 1961, is similar to Section 49D of the Indian I.T. Act, 1922.

(3.) For the reasons in the judgment by us on July 24, 1980, in I.T. Reference No. 613 of 1972 (CIT v. Shaw Wallace & Co. Ltd.), question No. 1 must also be answered in the affirmative and in favour of the assessee.