1996 (11) TMI 26

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.... Commissioner of Income-tax, Bhopal, has made an application under section 256(2) of the Income-tax Act, 1961 (for short, " the Act "), seeking a direction to the Income-tax Appellate Tribunal, Indore Bench, Indore, to state the case and refer the undernoted question said to be of law for the opinion of this court : " Whether, on the facts and in the circumstances of the case, the Tribunal was ....

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....rporation and the company soon after its incorporation has to ratify such actions of the promoters. This is an accepted mode of transacting in the case of the company and we have, no doubt, in our mind that the promoter in this case has only acted on behalf of the company and such contract having been ratified by the company becomes the contract of the company and is enforceable against the compan....

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....prayer holding that the order of the Tribunal is based on appreciation of facts and no referable question of law, therefore, arises. The Revenue has, therefore, approached this court under section 256(2) of the Act. We have heard Shri J. N. Sharma, Income-tax Officer, appearing for the Revenue, and Shri S. S. Samvatsar, learned counsel for the non-applicant/assessee. It is pointed out by the....

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....ad entered into a contract for the purchase of such machinery or plant with the manufacturer or owner of, or a dealer in, such machinery or plant, or had, where such machinery or plant has been manufactured in an undertaking owned by the assessee, taken steps for the manufacture of such machinery or plant. " It would be thus seen that in order to get development rebate on a plant and machinery ....