1980 (11) TMI 5 - HC - Income Tax

Summary

The High Court of Madhya Pradesh allowed the applications under section 256(2) of the Income Tax Act, 1961. The court directed the Tribunal to refer a question of law regarding the finding that 70 to 75 percent of the value of goods pledged by the assessee with banks was covered by loans advanced by the banks. The Department's applications for references were rejected.