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TMI Blog1996 (4) TMI 41X X X X Extracts X X X X X X X X Extracts X X X X ..... sed in I.T.As. Nos. 747, 1105, 1106 and 1107/Ind of 1984 relating to the assessment years 1976-77 to 1978-79 and its refusal to make a reference by its order dated November 16, 1987, passed in R. A. No. 139/Ind. of 1987 : " (i) Whether, on the facts and in the circumstances of the case and having regard to the findings of the learned Commissioner of Income-tax (Appeals) in the assessment year 1975-76 which is accepted by the Department, the Tribunal is justified in law to uphold a part of the interest payments as disallowable ? (ii) Whether, on the facts and in the circumstances of the case, the Tribunal is justified in law in holding the findings of the lower authorities as correct when such a finding is already reversed by the Commiss ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ircumstances of the case, the learned Assessing Officer had jurisdiction to reopen the issue in the assessment year 1976-77, which stood finally concluded by the Commissioner of Income-tax (Appeals) in his order for the assessment year 1975-76 ? (II) Whether, on the facts and in the circumstances of the case the learned Commissioner of Income-tax (Appeals) while disposing of the appeal for the assessment year 1976-77 had jurisdiction to sit in judgment, over the findings of his colleague on the same set of facts for the assessment year 1975-76 and come to a conflicting conclusion ? " At the time of hearing of the application, the applicant-assessee superseded the aforesaid nine questions by the following one common question of law and p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The assessee thereafter sought reference under section 256(1) which too was declined by the Tribunal vide order dated November 16, 1987. The assessee has, therefore, come up before this court under section 256(2). We have heard Shri Nazir Singh, learned counsel for the applicant, and Shri D. D. Vyas, learned counsel for the non-applicant/Department. It was contended on behalf of the applicant that there was absolutely no investment in purchase of agricultural lands in the relevant assessment years. All the investments in this regard, it was pointed out, were made during the preceding assessment years and the last one being on May 30, 1973. All these investments are duly accounted for in the books of account regularly maintained by the a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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