It is represented that the dispute is covered by the judgment of this court in Escorts Ltd. v. Union of India 1992 SC 698. The matter is decided in favour of the Revenue. Consequently, these appeals have to be allowed. As a result thereof the judgment of the High Court in W.P. No. 1236 of 1980 (see 1990 MUM 266), is set aside and the writ petition stands dismissed. Further the said reference answered by the High Court in CIT v. Hico Products P. Ltd. 1990 MUM 266 (I.T.R. No. 343 of 1975), in favour of the assessee is erroneous and the said reference is answered in favour of the Revenue. The appeals are allowed in the above terms. No costs.
Commissioner Of Income Tax v. Hico Products P. Limited
Commissioner Of Income Tax v. Hico Products P. Limited
(Supreme Court Of India)
Civil Appeal No. 2348 And 2349 (Nt) Of 1992 | 04-02-1999
Advocate List
Bench
- HON'BLE JUSTICE M. SRINIVASAN
- HON'BLE JUSTICE U. C. BANERJEE
Eq Citations
- [2001] 247 ITR 797
- [2001] 116 TAXMAN 373 (SC)
- (2001) 10 SCC 303
- LQ/SC/1999/116
Head Note
Income Tax — Reference to High Court — Reference answered by High Court in favour of assessee, held erroneous — Matter covered by Escorts Ltd. case, (1992) 4 SCC 698, and decided in favour of Revenue — High Court judgment set aside — Income Tax Act, 1961, Ss. 256 and 257
