KAILASH FINANCE COMPANY Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) BY this application under S. 256(2) of the IT Act, 1961, the assessee -applicant prays that the Tribunal, Allahabad, be directed to state a case and to refer the following questions stated to be of law and to arise out of the Tribunal's order dt. 10th Dec., 1996, passed in ITA No. 2001 (All) of 1989, for the asst. year 1983 -84 for the opinion of this Court :

(2.) WE have heard Sri S.D. Singh, learned counsel for the assessee -applicant, and Shri A.N. Mahajan, learned counsel for the respondent. In our view, the following question of law arises from the order of the Tribunal :