1989 (2) TMI 405

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....n, J. - the following three questions of law have been referred to this Court under section 256(1) of the Income-tax Act, 1961 ('the Act'): "1.Whether, on the facts and in the circumstances of the case and on a proper interpretation of the provision of the Mines & Minerals (Regulation & Development) Act, 1957 and the Mining Leases (Modification of Terms) Rules, 1956, the legal exp....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... for the assessment years 1965-66, 1967-68 and 1968-69)?" 2. So far as question No. 3 is concerned, this is concluded by the decision of this Court in the assessee's own case in IT Reference No. 140 of 1977 by a judgment delivered on 18-8-1981. Therefore, question No. 3 does not create any difficulty and it is answered in the affirmative and in favour of the assessee. The question No. 1 ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....the coal mining lease. The coal mining lease was a capital asset of the assessee. 3. In our view the Tribunal has not committed any error of law. Therefore, the first question must be answered in the affirmative and in favour of the assessee. 4. So far as the second question is concerned, the Tribunal has found that in the assessment year 1965-66 for which the corresponding accounting year e....