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Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter.
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AI Drafter - (New and Powerful) ✕ Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter.
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Issues: Whether the reference applications under section 256(2) of the Income-tax Act, 1961 should be allowed and the Tribunal directed to forward the questions of law.
Analysis: The assessee's applications sought reference of questions concerning the tax treatment of interest on enhanced compensation. The Tribunal had declined the reference without considering the Kerala High Court decision relied upon by the assessee, which had distinguished the Supreme Court decision on the nature of such interest. In these circumstances, the refusal to refer the questions was not sustained.
Conclusion: The reference applications were allowed and the Tribunal was directed to forward the statement of case for both assessment years.
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