1986 (2) TMI 2 - HC - Income Tax

Summary

The High Court of Madhya Pradesh dismissed an application under section 256(2) of the Income Tax Act, 1961. The court held that the Tribunal's decision to apply the deduction percentage to total income before any deductions was correct, based on a circular from the Central Board of Direct Taxes. The court rejected the application as the question raised did not arise from the Tribunal's order.