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Petitioner: COMMISSIONER OF INCOME-TAX VS Respondent: HICO PRODUCTS (P.) LTD.
Court Name: Supreme Court of India Judge(s): U. C. Banerjee, M. Srinivasan Title: COMMISSIONER OF INCOME-TAX vs HICO PRODUCTS (P.) LTD. Case No.: Civil Appeals Nos.2348 and 2349 (NT) of 1992 Date of Judgment:1999-02-04 Reported As: 2001 PTD 2425 Result: Appeals allowed
Judgment ORDER It is represented that the dispute is covered by the judgment of this Court in Escorts Ltd. v. Union of India (1993) 199 ITR 43. The matter is decided in favour of the Revenue. Consequently, these appeals have to be allowed. As a result thereof the judgment of High Court in W.P. No.1236 of 1980 (see (1991) 187 ITR 517), is set aside and the writ petition stands dismissed. Further the said reference answered by the High Court in CIT v. Hico Products (P.) Ltd. (1991) 187 ITR 517 (I.T.R. No.343 of 1975), in favour of the assessee is erroneous and the said reference is answered in favour of the Revenue. The appeals are allowed in the above terms. No costs. .