1991 (4) TMI 14

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....SUGLA J.-These are cross references. They relate to the assessee's assessment for the year 1974-75. The Income-tax Appellate Tribunal has referred to this court, the following two questions of law for our opinion under section 256(1) of the Income-tax Act, 1961. By the assessee : " 1. Whether, on the facts and in the circumstances of the case, the dividend of Rs. 1,21,66,645 declared by the com....

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....] 132 ITR 559, the question referred to us at the instance of the assessee is to be answered in the affirmative and in favour of the Revenue. The question is so answered. Counsel are also agreed that, in view of our court's judgment in the assessee's own cases in CIT v. National Rayon Corporation Ltd. [1986] 160 ITR 716 and CIT v. National Rayon Corporation Ltd. [1986] 160 ITR 723, the second q....