https://www.taxtmi.com/caselaws?id=22664 The commentary explains that, in a reference under section 256(2), the High Court follows binding precedent on identical or closely similar questions. On the assessee-company's claim for allowance of interest in the assessment year 1966-67, the earlier decision on the same issue was followed and the question was answered against the assessee. On the separate issue of loss on sale of U.P. State Development Loan, the Court applied its earlier ruling, which had followed the Supreme Court on the same point, and accepted the assessee's claim. The reference was thus disposed of by applying settled law to each question in accordance with existing precedent. en-us Tue, 13 Nov 1990 00:00:00 +0530 Sat, 12 Dec 2009 11:46:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22664 The commentary explains that, in a reference under section 256(2), the High Court follows binding precedent on identical or closely similar questions. On the assessee-company's claim for allowance of interest in the assessment year 1966-67, the earlier decision on the same issue was followed and the question was answered against the assessee. On the separate issue of loss on sale of U.P. State Development Loan, the Court applied its earlier ruling, which had followed the Supreme Court on the same point, and accepted the assessee's claim. The reference was thus disposed of by applying settled law to each question in accordance with existing precedent. Case-Laws Income Tax Tue, 13 Nov 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22664