1988 (7) TMI 16

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....the following question of law has been referred to this court under section 256(2) of the Income-tax Act, 1961, for the assessment year 1960-61 : "Whether, on the facts and in the circumstances of the case, the Tribunal erred in holding that the payment by the assessee of a larger dividend than that declared would have been unreasonable and in that view cancelling the order made under section 2....

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....pellate Assistant Commissioner, by the order dated March 24, 1977, set aside the assessment for the assessment year 1960-61 and directed the Income-tax Officer to make the assessment afresh in accordance with law and after completion of the enquiries, we are of the view that this reference has now become academic. Even otherwise, having regard to the facts and circumstances of this case and hav....