JUDGMENT - Smt. RANJANA DESAI, J.: By this reference under section 256(1) of the Income-tax Act, 1961, the Income-tax Appellate Tribunal has referred the following question of law to this Court for opinion : “Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the assessee, which is a general insurance company, was entitled to relief admissible under section 35-A of the Income-tax Act, 1961, having particular regard to the provisions of section 44 of the Income-tax Act, 1961, read with Rule 5 of the First Schedule to that Act? 2. Mr. Joshi, learned Counsel for the assessee, fairly stated before us that the controversy in the above question now stands concluded against the assessee and in favour of the revenue by the decision of the Supreme Court in (C.I.T. v. Hero Cycles Pvt. Ltd.)1, 1997(228) I.T.R. 463(S.C.). 3. In view of the above statement, following the ratio of the decision of the Supreme Court, cited above, the question referred to us is answered in the negative i.e. in favour of the revenue and against the assessee. 4. Reference is disposed of accordingly with no order as to costs. -----