2001 (1) TMI 22

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..... t under section 256(1) of the Income tax Act, 1961 (in short 'the Act"), for the two assessment years, i.e., 1975-76 and 1976-77, by the Income-tax Appellate Tribunal, Delhi Bench "F", New Delhi (in short "the Tribunal"): "Whether, on the facts and in the circumstances of the case, the Tribunal was correct in law in holding that the amount of Rs.36,000 utilised in the purchase of deferred annuit .....

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..... he Act. Though the Commissioner of Income-tax (Appeals) (in short "the CIT (A)"), held that it was to be taxed, the Tribunal took a different view. On being moved for reference, the question, as set out above, has been referred for the opinion of this court. We have heard learned counsel for the Revenue and learned counsel for the assessee. The effect of insertion of sub-clauses (iiia) and (ii .....

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