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Judgment
Heard
This is an application u/s 256(2) of the Income Tax Act, 1961. The prayer is for a direction to the Income Tax Appellate Tribunal (hereinafter referred to as "the Tribunal"), to refer the following question. for the opinion of this court:
"Whether, on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal is justified in holding that additional tax charged u/s 143(1A) was not chargeable as there was no final positive income determined after adjustment made u/s 143(1)(a) despite the fact that additional tax is chargeable u/s 143(1A)(ii) even if the final result of his reducing the loss only and even if no positive income is finally determined u/s 143(1)(a) since section 143(1A) now stands amended with effect from April 1, 1989, after amendment by the Finance Act, 1993 ?"
We find substance in the submission made by learned counsel that the question needs to be reconsidered by the Tribunal in the light of the amendment with effect form 1-4-1989, by the Finance Act, 1993, so far as section 143(1A) of the Income Tax Act, 1961, is concerned. We feel that this will be the appropriate course than calling for reference.
The application is, accordingly, disposed of with the direction that the Tribunal will reconsider the matter in the light of the amendment.