COMMISSIONER OF INCOME TAX Vs. MITTAL H K

JUDGEMENT

(1.) THIS is an application, under Section 256(2) of the Income-tax Act, 1961, by the Revenue requiring us to direct the Income-lax Appellate Tribunal to refer the following question Lo this court for its opinion :

(2.) WHILE rejecting the application of the Revenue under Section 256(1), the Tribunal clearly observed that "since the basis that the assessee is not a shareholder has not been challenged, which is the primary condition, the claim that advance received should he considered as deemed dividend in his hands in the circumstances cannot be raised".