2000 (11) TMI 16 - HC - Income Tax

Summary

The High Court of Punjab and Haryana allowed a petition under section 256(2) of the Income-tax Act, directing the Tribunal to refer a question regarding the treatment of a general reserve amount of Rs. 57,85,000 as part of capital for statutory deductions. The Tribunal's decision was challenged based on the interpretation of the law, leading to the court's decision to have the question determined by the court.