Commissioner of Income Tax vs Traco Cables Co. Ltd.

This is an application by the Revenue u/s 261 of the Income Tax Act, praying for the grant of a certificate to appeal to the Supreme Court of India from the judgment of this court in Income Tax Reference No. 303 of 1980, dated February 25, 1987, Traco Cable Co. Ltd. Vs. Commissioner of Income Tax, . A perusal of the above judgment, especially paragraph 6, shows that this court followed the decisions of the Calcutta and Delhi High Courts, in preference to the decision of the Madras High Court, and held that the matter is barred by limitation. In view of the sharp conflict of judicial opinion on the crucial issue that is involved in this case, we are satisfied that a substantial question of law which is one of public importance arises for consideration in this case. Accordingly, we certify that this case, Traco Cable Co. Ltd. Vs. Commissioner of Income Tax, (income tax Reference No. 303 of 1980) is a fit one for appeal to the Supreme Court of India. A certificate is granted accordingly.

Leave granted.