2003 (1) TMI 99 - SCH - Income Tax

Supreme Court dismisses civil appeals on Income-tax Act question

The Supreme Court dismissed the civil appeals as they saw no reason to interfere with the conclusion reached by the High Court on the question framed ... Reference under section 256(2) of the Income-tax Act, 1961Reference under section 256(2) of the Income-tax Act, 1961 - The High Court's conclusion on the question framed under section 256(2) of the Income-tax Act, 1961 is upheld. - HELD THAT: - The Supreme Court, having heard learned counsel for the parties, found no reason to interfere with the conclusion reached by the High Court on the reference made under section 256(2) of the Income-tax Act, 1961. The Court recorded its agreement with the High Court's decision on the question so framed and declined to disturb that conclusion.Civil appeals dismissed and the High Court's conclusion affirmed; no order as to costs.Final Conclusion: The civil appeals are dismissed and the High Court's conclusion on the question referred under section 256(2) of the Income-tax Act, 1961 is affirmed; no order as to costs. The Supreme Court dismissed the civil appeals as they saw no reason to interfere with the conclusion reached by the High Court on the question framed under section 256(2) of the Income-tax Act, 1961. No costs were awarded.