https://www.taxtmi.com/caselaws?id=49611 A question of law arose on whether the excess realised on transfer of assets over written down value could lawfully be treated as taxable income. The text states that where the facts found disclose a debatable legal issue, the Tribunal's refusal to make a reference does not end the matter. In such circumstances, the High Court, acting under section 66(2), is required to direct the Tribunal to state a case and refer the reframed question for opinion. The matter was therefore to proceed through the statutory reference process, leaving the taxability question to be answered on reference. en-us Tue, 14 Apr 1959 00:00:00 +0530 Thu, 04 Sep 2014 17:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49611 A question of law arose on whether the excess realised on transfer of assets over written down value could lawfully be treated as taxable income. The text states that where the facts found disclose a debatable legal issue, the Tribunal's refusal to make a reference does not end the matter. In such circumstances, the High Court, acting under section 66(2), is required to direct the Tribunal to state a case and refer the reframed question for opinion. The matter was therefore to proceed through the statutory reference process, leaving the taxability question to be answered on reference. Case-Laws Income Tax Tue, 14 Apr 1959 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49611