Time-bound exemption conditions under Notification No. 16/94 raised a referable question of law on delayed credit entry.

A time-bound credit-linked exemption under Notification No. 16/94 was available only if the relevant documents were issued before 1 April 1994 and credit under Rule 57G was taken on or before 30 June 1994. The Tribunal had treated delayed credit entry as not defeating the benefit, but the High Court noted that the Revenue's challenge raised a referable question of law. The legal point was whether non-compliance with the stated cut-off date barred the exemption, and the Tribunal was directed to refer the formulated question to the Court.

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Issues: Whether the Tribunal was required to refer the question of law on the assessee's entitlement to the benefit of Notification No. 16/94 despite credit being taken after 30 June 1994.

Analysis: The notification made its benefit conditional upon the documents having been issued before 1 April 1994 and the credit under Rule 57G having been taken on or before 30 June 1994. The Tribunal had taken the view that delayed entry would not defeat the benefit, and the Court found that the Revenue's question of law warranted consideration.

Conclusion: The Tribunal was directed to refer the formulated question of law to the Court.

Final Conclusion: The order granted the Revenue's request for a reference on the legal issue arising from the notification conditions.

Ratio Decidendi: Where a notification prescribes a time-bound condition for availing credit-linked benefit, a question challenging the Tribunal's contrary view gives rise to a referable question of law.

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