1984 (12) TMI 17

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.....-The above reference under section 256(1) of the Income-tax Act, 1961, is made to this court, at the instance of M/s. Vinnyallora Industries, a company incorporated on October 21, 1970. The reference relate to the assessment years 1972 and 1973. The question is as follows : " Whether, on the facts and in the circumstances of the case, the loans from approved financial institutions are 'capital....

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....ed from the standpoint of the statute, as on today, he has little to argue, in support of the reference and, therefore, argued, it is not permissible for this court to have recourse to sub-s. (1A) of section 80J, in answering the reference. This argument was advanced in two parts, It was argued, the Tribunal did not look into sub-s. (1A) to section 80J whilst making the reference for it was not in....