TMI Blog1987 (6) TMI 38X X X X Extracts X X X X X X X X Extracts X X X X ..... section 161(1) should apply to the facts of the case ? (2) Whether, on the facts and in the circumstances of the case, the Tribunal was right in finding that the shares of the beneficiaries were not unknown and indeterminate ?" The assessee is the Kerala State Road Transport Corporation Pension and Gratuity Fund Trust. It is the contention of the Revenue that the shares of the beneficiaries of the Trust Fund are unknown and indeterminate, that none of the beneficiaries has a right to the corpus of the Fund, and, therefore, the provisions of section 164(1) of the Income-tax Act should be applied. This contention of the Revenue did not find favour with the Appellate Assistant Commissioner and with the Income-tax Appellate Tribunal, Cochi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this court by judgment dated January 15, 1986, answered the above questions in the said I.T.Rs. in the affirmative, i.e., in favour of the assessee and against the Department. The Revenue contends that the decision rendered by this court is pending in appeal before the Supreme Court. So, the matter is not beyond doubt or the question of law now urged is an open question. Therefore, it is argued that this court should allow this original petition and direct the Incometax Appellate Tribunal to state the case and to refer the questions. We are unable to agree to the said submission made by learned counsel appearing for the Revenue. Section 256(2) of the Income-tax Act reads as follows: " If, on an application made under sub-section (1), th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the conclusions arrived at by this court. No circumstance has been brought to our notice which necessitates a second look into the aspects covered by the earlier decision. Thus, as far as the questions of law involved in this case are concerned, the decision of this court governs the field. The Income-tax Appellate Tribunal decided the appeals before it in consonance with the view taken by this court. Ill other words, the law is settled by this court and while deciding the issue in controversy, the Tribunal merely followed the came. Then it is obvious that even though a question of law arises, it will be permissible for the High Court to reject the application under section 256(2) of the Incometax Act, on the ground that the decision of th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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