1996 (2) TMI 13 - SCH - Income Tax

Whether the Tribunal was justified in law in holding that the amount of ₹ 34,575 representing a loss that arose to the assessee at the time of remittance of money to it was an allowable deduction u/s 57(i) - question sought to be referred is a question of law concerning the interpretation of section 57(i) and the High Court ought to have called for a reference from the Tribunal concerning it - Tribunal is directed to refer the aforequoted question to HC u/s 256(2)

Summary

The Supreme Court allowed the appeal by special leave against the High Court order, directing the Income-tax Appellate Tribunal to refer a question regarding the interpretation of section 57(i) of the Income-tax Act to the High Court under section 256(2) of the Act.