1993 (7) TMI 21

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....llate Tribunal has referred the following three questions to this court under section 256(1) of the Income-tax Act, 1961 : "1. Whether the Income-tax Appellate Tribunal erred in law in confirming the order of the Appellate Assistant Commissioner that as the bonus shares in question were acquired after January 1, 1954, the assessee could not be allowed the option of substitution of the market va....

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....rendered in Income-tax References Nos. 445 of 1980, 212 of 1982 and 213 of 1982 (CIT v. Nandkishore Sakarlal (Indl.) [1994] 208 ITR 14). Following that decision, we answer question No. 2 in the negative and question No. 3 in the affirmative, that is, in favour of the assessee and against the Revenue. It may be stated that questions Nos. 2 and 3 were referred to this court at the instance of the Re....