COMMISSIONER OF INCOME TAX Vs. ORISSA FLOUR MILLS PRIVATE LIMITED

JUDGEMENT

(1.) THIS is an application of the revenue under Section 256(2) of the Income-tax Act of 1961 (hereinafter referred to as "the Act"), for a direction to the Appellate Tribunal to state a case and refer the following question said to be of law for opinion of the court:

(2.) ASSESSEE is a private limited company. The year of assessment is 1968-69. ASSESSEE put up its plant and machinery for the first time during this year. The Income-tax Officer computed assessee's loss for the year at Rs. 3,03,143 but did not allow any development rebate to be carried forward as provided in Section 33(2) of the Act on the ground that the condition imposed under Section 34(3) of the Act had not been satisfied.