ARJUNDAS RAJKUMAR Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THIS reference under Section 256(2) of the Income Tax Act, 1961 (for short the Act) is made by the Hyderabad Bench B of the Income Tax Appellate Tribunal (for short the Tribunal), to this Court, with a request to express its opinion on the following questions:

(2.) WHETHER on the facts and in circumstances of the case, the Tribunal is correct in its conclusion that there can be a firm in existence both in form and substance and it is immaterial whether the object of the firm was to carry on business in real estate or for any other purpose?

(3.) THE applicant filed R.A. No. 303 of 1992 with a request to refer the three questions, mentioned above, to this Court. When the request was not acceded to, he approached this Court by filing R.C., and on a direction issued therein, the questions were referred.