COMMISSIONER OF INCOME TAX Vs. ABHAY KUMAR JAIN

JUDGEMENT

(1.) THE decision rendered in this reference application shall govern disposal of other two reference applications also being IT Ref. No. 14 of 1998 and IT Ref. No. 16 of 1998 because all the three reference applications involve identical point and are based on similar type of order passed by the Tribunal (ITAT ).

(2.) THIS is an application made by the Revenue (CIT) under Section 256 (2) of IT Act consequent upon the rejection of their application made under Section 256 (1) of IT Act by the Tribunal by their common order dt. 9th July, 1997, passed in R. A Nos. 44, 45 and 46/ind/1997 which in turn arise out of ITA Nos. 326, 632 and 895/ind/1992 for the asst. yr. 1989-90.

(3.) HEARD Shri R. L. Jain, learned senior counsel with Ku. V Mandlik, learned counsel for the Revenue and Shri S. C. Bagadia, learned senior counsel with Shri D. K. Chhabra, learned counsel for the assessee.