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Issues: Whether a new contention that the assessee's income was taxable as business income under section 28(iii) of the Income-tax Act, 1961, could be raised for the first time in an application under section 256(2) of the Income-tax Act, 1961, without any factual foundation.
Analysis: The only contention pressed before the Court was that the income fell within section 28(iii). That point had not been urged before the authorities below and there was no factual basis on record to examine it. In proceedings for reference, a question not presented before the Tribunal and unsupported by facts cannot be entertained.
Conclusion: The new contention was not permitted to be raised, and the reference application was dismissed.
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