2002 (2) TMI 13

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....tion under section 256(2) of the Income-tax Act, 1961, (for short, "the Act"), at the instance of the Revenue is with respect to the assessment year 1977-78, seeking reference on a question of law from the order of the Income-tax Appellate Tribunal dated July 28, 1988. It appears that the respondent-assessee sought capitalisation of pre-operative expense of Rs.10,99,538. The Income-tax Officer all....

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....t raises a question of law. Learned counsel invited our attention to the provision of section 32 wherein the word "tangible" has been used. On the other hand, Mr. Ranka learned counsel for the respondent-assessee, submits that no referable question of law arises, as the controversy is concluded by decision of the apex court in the case of Challapalli Sugars Ltd. v. CIT [1975] 98 ITR 167. The word ....