1987 (6) TMI 4

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..... mber 2, 1985, involves substantial questions of law and is a fit case for appeal to the Supreme Court. The substantial questions which are stated to arise from the judgment are as follows : "(1) Whether, on the facts and in the circumstances of the case and having regard to the fact that no money was received against the debentures, the Tribunal was right in holding that the said debentures shou .....

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..... dered the decision of the Bombay High Court in the case of CIT v. Century Spg. and Mfg. Co. Ltd. [1978] 111 ITR 6. In the said case, the question which arose was in respect of issue of bonus shares and not in respect of debentures and it was held by this court in the case of the same assessee in CIT v. Standard Pharmaceuticals Ltd. [1982] 136 ITR 98 that the facts before the Bombay High Court were .....

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..... was followed in Income-tax Reference No. 143 of 1975 in the case of the same assessee and in the present reference. For the reasons aforesaid, we are unable to hold that the other question is also a substantial question of law requiring further consideration by the Supreme Court. For the reasons as aforesaid, the application cannot succeed. The application is dismissed without any order as to .....

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