THE HON’BLE SRI JUSTICE V.V.S.RAO AND THE HON’BLE SRI JUSTICE B.N.RAO NALLA REFERRED CASE No.7 OF 1997 Dated:30.11.2011 Between: Jindal Ferro Alloys Limited, Visakhapatnam .. Applicant And The Commissioner of Income-tax, Vizag .. Respondent THE HON’BLE SRI JUSTICE V.V.S.RAO AND THE HON’BLE SRI JUSTICE B.N.RAO NALLA REFERRED CASE No.7 OF 1997 ORDER: (Per Hon’ble Sri Justice V.V.S.Rao) M/s.Jindal Ferro Alloys Limited, Visakhapatnam (the assessee) got the following two questions referred to the opinion of this Court under Section 256(1) of the Income Tax Act, 1961 (the Act). 1. Whether the facts and in the circumstances of the case, the Tribunal was correct in assessing the amount of Rs.23,15,229/- received as cash compensatory allowance as income on the basis of accrual for the asst. year 1989-90 when the said income was accounted on the cash basis in the year of receipt in asst. year 1990-91? 2. Whether the facts and in the circumstances of the case, the Tribunal was correct in rejecting assessee’s contention that the cash compensatory allowance of Rs.23,15,229/- cannot be assessed to tax for the asst. year 1989-90 rejecting the cash system of accounting adopted for accounting of the said source of income? When the matter is called, Sri Y.Ratnakar, counsel for the assessee, submits that his client is no more interested to pursue the matter. In that view of the matter, we decline to answer the questions referred to this Court. The Referred Case shall stand disposed of accordingly. ________________ (V.V.S. RAO, J) _____________________ (B.N.RAO NALLA, J) 30.11.2011 KH