1998 (1) TMI 4 - SC - Income Tax

High Court rejecting the applications of the Revenue filed under section 256(2) are set aside and the Income-tax Appellate Tribunal, Ahmedabad, is directed to refer the questions of law raised by the Revenue for the decision of the High Court and forward the same along with the statement of case and the relevant documents

Summary

The Supreme Court allowed the appeals and set aside the orders of the High Court, directing the Income-tax Appellate Tribunal to refer questions of law for decision. The questions relate to the computation of capital gains and valuation of shares based on a previous Supreme Court decision. The Tribunal must facilitate the High Court's final decision. No costs awarded.