COMMISSIONER OF INCOME TAX Vs. JAY ENGINEERING WORKS

JUDGEMENT

(1.) BY these two applications under S. 256(2) of the IT Act, l961, the CIT has sought reference regarding the following five questions relating to asst. year 1972 -73 : (In ITC No. 174/80)

(2.) LEARNED counsel for the assessee contended that similar questions had been raised in previous years also, but both the Tribunal as well as the High Court had rejected the applications under s. 256 of the Act. Reference was made to I.T.C. No. 52 of 1980, decided on May 19, 1982, which relates to one of the earlier years.

(3.) WE may also mention that the decision of the Bombay Bench of the Tribunal was referred to in the previous decision of this Court already referred to. The Bench had observed as follows in para. 28 of their order :