AGK AGK AGK 1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX REFERENCE NO.240 OF 1998 The Commissioner of Income-tax, Bombay City - II, Bombay .. Applicant. V/s. M/s.New Heaven Steel Ball Corporation Ltd. .. Respondent. Mr.A.S. Rao for the applicant. CORAM : V.C. DAGA & CORAM : V.C. DAGA & CORAM : V.C. DAGA & J.P. DEVADHAR, JJ. J.P. DEVADHAR, JJ. J.P. DEVADHAR, JJ. DATED : 11TH OCTOBER, 2005. DATED : 11TH OCTOBER, 2005. DATED : 11TH OCTOBER, 2005. P.C. : 1. Heard the learned counsel for the applicant. The Tribunal has referred following question for the opinion of this Court reading as under :- Whether in the facts and in the circumstances of the case, the Tribunal was right in law in holding that the amount og gratuity which was exempt u/s.10(10) of the I.T. Act, in the hands of the employees, should be excluded from the computation of disallowance under sec. 40A(5) of the Act ? 2. The above question has already been answered by the Division Bench of this Court in the case of CIT V/s. Hindustan Petrolium Corp. Ltd. [(1991) CIT V/s. Hindustan Petrolium Corp. Ltd. [(1991) CIT V/s. Hindustan Petrolium Corp. Ltd. [(1991) 187 ITR 1 (Bom)] 187 ITR 1 (Bom)] 187 ITR 1 (Bom)] in favour of the assessee and against the revenue. In this view of the matter, question stands answered in affirmative for the reasons stated in the case of Hindustan Petrolium Corp. Ltd. Reference, accordingly stands disposed of with no order as to costs. AGK AGK AGK 2 *********