2001 (7) TMI 85

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....IJIT PASAYAT C. J.-The following question has been referred at the instance of the Revenue under section 256(1) of the Income-tax Act, 1961 (in short "the Act"), by the Income-tax Appellate Tribunal, Delhi Bench "D", Delhi (in short "the Tribunal"), for the opinion of this court: "Whether, on the facts and in the circumstances of the case, and having regard to clause 6 of the partnership deed d....

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....regard to the capital of the partnership it is agreed by and between the partners as under: The party of the first part, i.e., Rani Shaver Poultry Breeding Farms Private Limited, will make available to the firm the use of the assets as per Schedule A attached belonging to it for the period of the duration of this partnership. It is also agreed between the partners that an amount equal to the de....

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....edings under section 147 of the Act were initiated and the hire charges were taken at a higher figure. The matter was carried in appeal by the assessee before the Appellate Assistant Commissioner of Income-tax (in short "the AAC"). The said authority held that the Assessing Officer was not justified in reopening the proceedings to take the hire charges at a higher figure. The Revenue carried the m....

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....essment year 1967-68. On being moved for a reference, the question as set out above has been referred for opinion of this court. Learned counsel for the Revenue submitted that the factual background of the present assessment year is different from the previous assessment year and both the Appellate Assistant Commissioner and the Tribunal went wrong in following the earlier orders. Learned couns....