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Judgment
Adarsh Kumar Goel, J.—Income Tax Appellate Tribunal, Chandigarh Bench, Chandigarh, has referred following question of law for opinion of this Court, arising out of its order dated 25-2-1993 in S.T.A. No. 2/Chandi/168 relating to assessment year 1983-84:-
"Whether on the facts and in the circumstances of the case, the Tribunal was right in holding that the sum of Rs. 6,32,876 representing increase in the share capital of the assessee company as a result of capitalisation of part of its reserves, was not liable to be included in its capital base under rule III of the 2nd schedule of the sur-tax Act?"
Counsel for the revenue states that the matter is covered against the assessee by the judgment of Hon''ble Supreme Court in Sundaram Clayton Ltd. v. CIT [1996] 220 ITR 281 1.
Learned counsel for the assessee is unable to dispute this position.
In view of the above, the question is answered against the assessee and in favour of the revenue. Reference is disposed of accordingly.