Thereafter, at the instance of the revenue, the Tribunal referred the following question of law to the High Court of Kerala for its opinion: "Whether, on the facts and in the circumstances of the case, was the Tribunal justified in holding that no assessment under the Super Profits Tax Act, 1961, can be made on the assessee company (in liquidation)" ? The High Court agreed with the view taken by the Tribunal that after a company has gone into liquidation there cannot be said to be in the hands of the liquidator any amount that can be distinctly designated as paid up share capital of the company or as 'reserve ' with respect to which the capital of the company is to be worked out as provided in Second Schedule to the Act in order to arrive at the amount or standard deduction, The question referred 975 was accordingly answered by the High Court in the affirmative, that is, in favour of the assessee and against the revenue.