[ASN] IN IN IN THE THE THE HIGH COURT OF JUDICATURE AT BOMBAY HIGH COURT OF JUDICATURE AT BOMBAY HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION WEALTH TAX REFERENCE NO.36 OF 1997 The C.W.T. Bombay City IV. ..Applicant. Vs. M/s. Polychem Ltd. ..Respondent. Mr.P.S.Sahadevan i/by Mr. Suresh Kumar for the Applicant. CORAM : F.I. REBELLO & R.S. MOHITE, JJ. DATE 3rd April, 2009. PC : 1. Though this matter is registered as Wealth Tax Reference, in fact, it is a reference under Income Tax Act. 2. Following questions were raised for the determination of this court. A) Whether on the facts and in the circumstances of the case, the Tribunal was right in law in deleting the addition made on account of interest due from M/s. Ajay Plastics Pvt. Ltd. and M/s. Tahir Plastic, ignoring the fact that the assessee was maintaining the books of account on mercantile basis? B) Whether on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the assessee was entitled to deduction of the entire amount of initial [ 2 ] contribution to the superannuation fund as liability in computing the income of the assessee for assessment year 1982-83? 3. In so far as Question A is concerned, the learned counsel does not press the reference. Hence, on that question reference returned unanswered. 4. In so far as Question B is concerned, the same is covered by the judgment of the Supreme Court in the case of Commissioner of Income Tax Vs. Sirpur Paper Commissioner of Income Tax Vs. Sirpur Paper Commissioner of Income Tax Vs. Sirpur Paper Mills Mills Mills reported in 237 ITR 41 reported in 237 ITR 41 reported in 237 ITR 41 in favour of the assessee and against the revenue. 5. In the light of that, reference answered in the affirmative . Reference disposed off accordingly. ( R.S. MOHITE, J.) ( F.I.REBELLO, J.)