https://www.taxtmi.com/caselaws?id=5638 The entitlement to carry forward loss for different assessment years and the effect of section 139 of the Income-tax Act, 1961 required separate examination for each year on the available facts. The existing record did not show that this distinction had been properly considered, even though the questions involved issues of law. Full consideration by the High Court was therefore warranted in a reference under section 256(2), and the refusal to direct a reference was not justified. The questions of law were directed to be referred to the High Court. en-us Fri, 07 Nov 1997 00:00:00 +0530 Thu, 27 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5638 The entitlement to carry forward loss for different assessment years and the effect of section 139 of the Income-tax Act, 1961 required separate examination for each year on the available facts. The existing record did not show that this distinction had been properly considered, even though the questions involved issues of law. Full consideration by the High Court was therefore warranted in a reference under section 256(2), and the refusal to direct a reference was not justified. The questions of law were directed to be referred to the High Court. Case-Laws Income Tax Fri, 07 Nov 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5638