IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH. I.T.R. No. 125 of 1992 DATE OF DECISION : 11.01.2008 The Commissioner of Income Tax Haryana, Rohtak .... APPLICANT-REVENUE Versus M/s Laxmi Precision Screws Ltd., Hisar Road, Rohtak ..... RESPONDENT-ASSESSEE CORAM :- HON'BLE MR. JUSTICE SATISH KUMAR MITTAL HON'BLE MR. JUSTICE RAKESH KUMAR GARG Present: Mr. Yogesh Putney, Advocate, for the Revenue. Mr. Akshay Bhan, Advocate, for the Assessee. * * * SATISH KUMAR MITTAL, J. ( Oral ) The following question of law has been referred for opinion of this Court by the Income Tax Appellate Tribunal, Delhi Bench `C', New Delhi, arising out of its order dated 14.7.1992 in ITA No. 2170/Del/1991, Assessment Year 1989-90 : “Whether on the facts and in the circumstances of the case the Hon'ble Income-tax Appellate Tribunal is right in law in directing the Assessing Officer to deduct an amount of Rs.56,40,387/- from the figure of Rs. 1,45,70,811/- and on the I.T.R. No. 125 of 1992 -2- resultant figure deem 30% thereof to be the income assessable under section 115J of the Income-tax Act, 1961 ?” Learned counsel for the Assessee submits that the question of law referred to this Court is squarely covered in favour of the Assessee by the decision of the Supreme Court in Surana Steels Pvt. Ltd. v. Deputy Commissioner of Income Tax and others, 237 ITR 777 (supra). Learned counsel for the Revenue is unable controvert this factual and legal position. Hence, in view of the decision of the Supreme Court in Surana Steels Pvt. Ltd. v. Deputy Commissioner of Income Tax and others, 237 ITR 777 (supra), the aforesaid question of law referred to this Court, is answered against the Revenue and in favour of the Assessee. The question referred is answered against the Revenue and in favour of the Assessee. Reference is disposed of accordingly. ( SATISH KUMAR MITTAL ) JUDGE January 11, 2008 ( RAKESH KUMAR GARG ) ndj JUDGE