TaxTMI 
TaxTMI 
1975 (12) TMI 148
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....ct, 1953, made at the instance of the assessees. When this reference was called out for hearing the applicant-assessees were absent. A question arises as to what we should do with the question of law, which has been submitted to us by the Tribunal in this reference in the case stated by it. Sub-section (5) of section 34 of the said Act provides as follows: "The High Court upon the hearing of any ....
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....gh Court but also to have a decision which is binding on it in future cases on the question of law decided by the High Court. It, however, appears to us that it is not necessary for this High Court to decide the questions of law referred to it in all references academically, and to no practical effect. This particular reference has been made at the instance of the assessees. It has been made beca....
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....ined in the Indian Income-tax Act, 1922, and the Wealth-tax Act, 1957. Section 66(5) of the Indian Income-tax Act, 1922, is in terms the same as section 34(5) of the Bombay Sales Tax Act, 1953. The view which we have taken in this case was taken by the Calcutta High Court in M.M. Ispahani Ltd. v. Commissioner of Excess Profits Tax[1955] 27 I.T.R. 188., where also the applicant-assessees at whose i....