1996 (3) TMI 101

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....nk of Indore) has filed this application under section 256(2) of the Income-tax Act, 1961 (for short "the Act"), arising out of the order passed by the Tribunal on January 9, 1991 in I. T. A. No. 388/Ind of 1986 seeking direction to the Tribunal to state the case and refer the undernoted questions, categorised as of law, for our opinion : " (i) Whether, on the facts and in the circumstances of ....

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.... Income-tax (Appeals) and the Tribunal ? (v) Whether the Tribunal was justified in holding that on being subject of appeals, the assessment order was not merged in the appellate order ? " Briefly stated, the facts of the case are that the applicant filed returns of income on June 5, 1981, for the assessment year 1981-82 . It was assessed under section 143(3)/144B of the Act on March 20, 1984....

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....h 27, 1986, passed under section 263 of the Act. The appeal was dismissed on January 9, 1991. The applicant then filed an application under section 256(1) of the Act which was dismissed on September 23, 1991, on the assumption that there were no referable questions of law. Thereafter, the applicant, has filed this application under section 256(2) of the Act. We have heard Shri J. W. Mahajan, le....

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....bmitted that the aforesaid decision is inapplicable to the instant case and that the Tribunal erred in holding that the deduction under section 80M should have been allowed on net dividend. He submitted that the conclusion of the Tribunal based on section 80M did give rise to a question of law and is required to be considered and answered by this court. After considering the submissions, we are....