Co-owner versus association of persons dispute raised no referable question of law, so the reference petition failed.

The High Court held that no referable question of law arose from the Tribunal's finding that the assessee was a co-owner rather than an association of persons. It accepted the Tribunal's reliance on earlier assessment treatment and prior precedent, and noted that similar reasoning had already been followed in earlier matters with special leave petitions dismissed by the Supreme Court. On that basis, the court concluded that the dispute did not warrant a reference under section 256(2) of the Income-tax Act, 1961, and the reference petition was dismissed.

---

---

Issues: Whether a referable question of law arose from the Tribunal's order on the assessee's status as a co-owner or an association of persons.

Analysis: The Tribunal had held the assessee to be a co-owner, relying on its earlier assessment treatment and prior precedent. The Court noted that the same line of reasoning had already been followed in earlier matters and that the Supreme Court had dismissed special leave petitions arising from a similar decision. On that basis, the Court found that the controversy did not give rise to a question warranting reference under section 256(2) of the Income-tax Act, 1961.

Conclusion: No referable question of law arose. The petition for reference was dismissed, which is against the Revenue and in favour of the assessee.

---