2014 (11) TMI 517

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..... Income Tax Reference-4/2003 and the nature of transaction are almost the same including substantial question which emerges for consideration as regard scope of Sec.80 HHC of the Act is concerned, reference application deserves acceptance – thus, the reference application is accepted with a direction to make a direction to the Tribunal since the matter is pending for almost seventeen years – Decide .....

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..... nsideration before this Court and that came to be rejected only on the basis of its order dt.22.1.1996. However, on reference application being filed by the revenue arising out of assessment year 1989-90 u/S.256(2) of the Act that came to be decided by this Court vide order dt.26.3.2003 directing the Tribunal to make a reference to this Court of the substantial question of law for consideration. .....

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..... ce this Court that even if reference has been called for by this Court for the later assessment year 1989-90, still for the assessment year 1987-88, since a finding of fact has been recorded and no reference in the present circumstances for the assessment year in question deserves consideration and submits that reference application filed u/S.256(2) of the Act deserves to be dismissed. We have .....

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