1986 (9) TMI 43

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.... These cases relate to two different assessments for the years 1972-73 and 1973-74. In view of this circumstance, the office is directed to register the above reference cases as D.B. Income-tax Reference Application Nos. 12 of 1977 and 12A of 1977. As both these cases arise out of a single order passed by the Income-tax Appellate Tribunal, Jaipur Bench, Jaipur, and identical questions of law arise....

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....of section 28 of the Incometax Act, 1961. " We have gone through the order of the Tribunal dated March 31, 1976. The Tribunal has placed reliance on Kishan Prasad & Co. v. CIT [1955] 27 ITR 49 (SC), in which it was held : " The circumstances whether a transaction is or is not within the company's powers has no bearing on the nature of the transaction, or on the question whether the profits a....