1997 (9) TMI 89

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....espondent has placed reliance on a Division Bench decision of the Bombay High Court in CIT v. Phalton Sugar Works Ltd. [1986] 162 ITR 622. Having heard learned counsel we are of the opinion that question No. 1 framed on behalf of the Revenue is merely academic and no reference is called for thereon. However, questions Nos. 2 to 5 are questions of law arising from the order of the Tribunal which ne....