No referable question survived where the Tribunal followed binding precedent, so the section 256(2) reference request was rejected.

An application under section 256(2) of the Income-tax Act, 1961 was rejected because no referable question of law survived for consideration by the High Court. The Tribunal had already followed a binding decision on the issue, so the proposed question did not warrant a reference. The operative effect was that the request to direct a reference was refused for want of any live referable legal issue.

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Outcome: The application under section 256(2) of the Income-tax Act, 1961 seeking a direction to refer the proposed question to the High Court was rejected, as no referable question survived in view of the binding decision already followed by the Tribunal.

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