https://www.taxtmi.com/caselaws?id=24368 Debentures were held not to raise a substantial question of law for certification, in part because the Revenue's relied-on precedent concerned bonus shares and the relevant statutory provision had been omitted from 1 April 1977; the issue was treated as against the Revenue and in favour of the assessee. The amount credited to the dividend reserve account was also treated as covered by existing Supreme Court authority and the assessee's earlier reference, so no further substantial question of law survived. On that basis, the application for certificate was rejected because neither issue warranted further consideration. en-us Mon, 01 Jun 1987 00:00:00 +0530 Tue, 19 Jan 2010 15:18:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24368 Debentures were held not to raise a substantial question of law for certification, in part because the Revenue's relied-on precedent concerned bonus shares and the relevant statutory provision had been omitted from 1 April 1977; the issue was treated as against the Revenue and in favour of the assessee. The amount credited to the dividend reserve account was also treated as covered by existing Supreme Court authority and the assessee's earlier reference, so no further substantial question of law survived. On that basis, the application for certificate was rejected because neither issue warranted further consideration. Case-Laws Income Tax Mon, 01 Jun 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24368