COMMISSIONER OF INCOME TAX Vs. HINDUSTAN ZINC LTD

JUDGEMENT

(1.) THE CIT has filed this application under s. 256(2) of the IT Act, 1961 (No. XLIII of 1961) (for short `the Act') for a direction to the ITAT, Jaipur Bench, Jaipur (`the Tribunal' therein) to state the case and refer the following questions of law for our opinion, which are said to arise out of its order dt. 27th Sept., 1983, passed in Misc. Application No. 32 and 33/Jp/80, which arose out of ITA Nos. 1106 and 1107/Jp/76-77 :

(2.) WE have considered the order dt. 27th Oct., 1983. The two questions proposed by the CIT in his application under s. 256(2) do not arise out of it. No finding in respect thereof has been recorded by it. The Tribunal has rectified its order dt. 12th June, 1978 on the basis of the decision of the Supreme Court in Rajapalayam Mills Ltd. vs. CIT 1978 CTR (SC) 167 : (1978) 115 ITR 777 (SC). The Tribunal was right in dismissing the application under s. 256(1) of the Act filed by the CIT, by its order dt. 22nd May, 1984 on the ground that no referable question of law arises n the facts and circumstances of the case. That decision is correct.