2014 (11) TMI 517

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....T Instant reference application has been filed u/S.256(2) of the Income Tax Act, 1961 (Act, 1961) against the order dt.22.1.1996 passed by the Income Tax Appellate Tribunal, Jaipur Bench Jaipur arising out of assessment year 1987-88. Counsel for revenue submits that for the assessment year 1989- 90, the order came to be passed by the Tribunal on 17.3.1997 placing reliance on earlier order of....

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....s acceptance and the Tribunal may be directed to make a reference keeping in view the substantial question of law which has been referred to this Court of the same assessee for assessment year 1989-90 pending consideration in DB Income Tax Reference-4/2003. Counsel appearing for assessee submits that this is purely an appreciation of facts and after the finding has been affirmed by the Tribunal....

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.... of transaction are almost the same including substantial question which emerges for consideration as regard scope of Sec.80 HHC of the Act is concerned, we consider appropriate that reference application deserves acceptance. Accordingly, the reference application is disposed of with the direction to the Tribunal to make a reference to this Court keeping in view order of this Court dt.26.3.2003....