1989 (7) TMI 82

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..... the application under section 256(1), sought reference from the Tribunal on two questions of law which were as follows : "1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that deduction of Rs. 35,79,866 on account of discount on bonds was admissible business expenditure in this year ? 2. Whether, on the facts and in the circumstances of th .....

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..... ferred and nor is there any such specific mention with regard to question No. 2 in the prayer clause. We, therefore, treat this application as being one which seeks reference of only question No. 1. We have heard counsel for the parties and, in our opinion, the aforesaid question No. 1 is clearly a question of law and, therefore, we direct the Tribunal to state the case and refer the following q .....

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