1997 (7) TMI 89

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....J.---This is a reference under section 256(2) of the Income-tax Act, 1961, at the instance of the Revenue and the following question of law has been framed by the Revenue for calling for the statement of facts from the Tribunal : "Whether, on the facts and circumstances of the case, the Income-tax Appellate Tribunal was right in law in holding that the amount of Rs. 4,63,280 was a loss especial....

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....venue for calling for the statement of facts. We have heard learned counsel for the parties and perused the record. The main case which has been cited by learned counsel, is the decision of the Supreme Court reported in CIT v. Piara Singh [1980] 124 ITR 40. It is also subsequently followed by the Madhya Pradesh High Court in Shri Vishnu Kumar Soni v. CIT [1985] 155 ITR 34, and then by the Karna....