1979 (2) TMI 9 - HC - Income Tax

Summary

The High Court of Karnataka dismissed revenue's petitions under s. 256(2) of the I.T. Act, 1961 for assessment years 1970-71 to 1973-74. The court held that the reassessment proceedings were not warranted as synthetic resins fall within the definition of "petrochemicals." The court declined to direct the Tribunal to refer the questions and dismissed the petitions.