2015 (7) TMI 1087

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....Rao JUDGMENT 1. This reference under section 256(1) of the Income-tax Act, 1961 in respect of the assessment year 1988-89 seeks our opinion on the following question of law : "Whether, on the facts and circumstances of the case and in law, the Income-tax Appellate Tribunal is justified in upholding the Commissioner of Income-tax (Appeals)'s direction to deduct the amount of prio....

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....ference for the assessment year 1988-89 is Rs. 3,03,105. 4. Therefore, in view of the Instruction No. 5 dated 10 July 2014 read with decision of this court in CIT v. Madhukar K. Inamdar (HUF) [2009] 318 ITR 149 (Bom) ; CIT v. Pithwa Engg. Works [2005] 276 ITR 519 (Bom) and CIT v. Smt. Vijaya V. Kavekar [2013] 350 ITR 237 (Bom) (dealing with earlier Circulars/Instructions), the instruction No. 5....