2015 (7) TMI 1200

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....is reference under Section 256(1) of the Income Tax Act, 1961 for the Assessment Year 1985-86 seeks our opinion on the following question of law- "Whether, on the facts and in the circumstances of the case, the ITAT was right in holding that the profit u/s 41(2) did not arise for assessment year 1985-86 as there was no sale and that could be assessed only in the asstt. year 1987-88 when t....

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....neering Works - 276 ITR page 598 and Commissioner of Income Tax Vs Vijaya Kawekar - 380 ITR 237 (dealing with earlier Circulars/Instructions) the instructions of 2014 issued by CBDT would also be applicable to pending appeals and references. 5. In fact this Court in Madhukar Inamdar (HUF) has while dealing with Circular dated 15 May 2008 observed as under : "8. This Court can ver....