COMMISSIONER OF INCOME TAX Vs. MOHTA ELECTROSTEEL LIMITED

JUDGEMENT

(1.) AS the two applications filed under s. 256(2) of the IT Act, 1961, by the Revenue and the assessee, respectively, arise out of the same assessment year, namely, 1983-84, and also from the same facts, we propose to dispose of the two applications by this common judgment and order. Both the applications relate to the asst. yr. 1983-84.

(2.) IN the application filed by the Revenue under s. 256(2) of the IT Act, the following questions said to be questions of law are sought to be referred to this Court for its opinion :

(3.) IT is contended by learned counsel for the assessee that the question of law sought to be raised is a question of law and the Tribunal was wrong in not referring the same to this Court for its opinion. Learned counsel appearing for the Revenue during the course of his arguments relied upon the decision of the apex Court in the case of Upper India Publishing House P. Ltd. vs. CIT (1979) 10 CTR (SC) 101 : (1979) 117 ITR 569 (SC) and also the decision of this Court in CIT vs. Northern India Iron and Steel Co. Ltd. (supra). The dispute sought to be raised by the assessee in the present petition appears to be covered by the ratio of the aforesaid two decisions. We are of the opinion that no question of law arises out of question No. 1 and, therefore, the Tribunal was right in coming to the conclusion that no question of law has arisen therefrom. Under the aforesaid circumstances, the application filed by the assessee also stands dismissed.