2000 (11) TMI 35

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....e of the assessee, in compliance with the directions given by this court by order dated July 20, 1978, in I. T.C.No. 40 of 1974 under section 256(2) of the Income-tax Act, 1961 (in short "the Act"), the following questions have been referred for the opinion of this court by the Income-tax Appellate Tribunal, Delhi Bench-B (in short "the Tribunal"): "1. Whether, on the facts and in the circumsta....

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....s receipts. The Tribunal placed reliance on a decision of the Punjab and Haryana High Court in Brij Bushan Lal V. CIT [1971] 81 ITR 497, to answer in favour of the Revenue. A prayer for reference in terms of section 256(1) of the Act was rejected and thereafter on being moved under section 256(2) of the Act a direction was given to refer the questions as stated above for opinion of this court. ....