(1.) This Reference by the Income Tax Appellate Tribunal (the Tribunal) under section 256(1) of the Income Tax Act, 1961 (the Act), seeks our opinion on the following question of law:
(2.) This Reference relates to Assessment Year 1992-93.
(3.) Before the Tribunal, both the Applicant Assessee as well as the Respondent Revenue had preferred applications for Reference to this Court under Section 256(1) of the Act. The Tribunal, in its statement of case has rejected the Revenue's application, as giving rise to question of law. However, the application raising question of law filed by the Assessee, was allowed to the extent of the question formulated herein above.