2016 (9) TMI 253

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....t the Respondent-revenue has been served on 27th December, 1999 and undertakes to file an affidavit of service by 22nd August, 2016. 2. By this Reference under Section 256 (1) of the Income Tax Act, 1961 (the Act) the Income Tax Appellate Tribunal (Tribunal) seeks our opinion on the following two substantial questions of law: "(i) Whether on the facts and in the circumstances of the ca....

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....he decision of this Court in Commissioner of Income Tax v/s. J. K. Chemicals Ltd. 207 ITR 985 and Larsen & Toubro Ltd. v/s. Commissioner of Income Tax (2012) 75 DTR 30. (b) In the above view, the question as framed for our opinion is answered in the negative i.e. in favour of the Respondent-revenue and against the applicant-assessee. 5. Regarding Question no.(ii): (a) In respect of the su....

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....question for our consideration has referred to the Reference made by it to this Court for earlier A.Y. 1975-76 and 1980-81 wherein an identical question arising on similar fact situation was referred for our opinion. (b) Mr. Toor, the learned counsel for the applicant-assessee points out that the identical question as referred to herein above has been considered and decided in the Reference mad....