1997 (8) TMI 69

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.... the court was delivered by R. C. LAHOTI J.---This is a reference under section 256(1) of the Income-tax Act, 1961, at the instance of the Revenue arising out of the assessment years 1976-77 and 1977-78, respectively, seeking the opinion of the High Court on the following two questions of law (for each of the two years) : "1. Whether, on the facts and in the circumstances of the case, the Tr....

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....fter. Consistently with the view taken by us following the law laid down by the Supreme Court in the case CIT v. Bankipur Club Ltd. [1997] 226 ITR 97, question No. 1 is answered in the affirmative, i.e., in favour of the assessee and against the Revenue. As regards question No. 2, it is not clear from the order of the Tribunal if the swimming pool and the stadium were let out as properties t....