1996 (4) TMI 89 - HC - Income Tax

Summary

The High Court of Allahabad heard an income-tax reference case under section 256 of the Income-tax Act, 1961. Three questions were referred for opinion regarding credit balances in the Loss Equalisation and Capital Redemption Reserve Fund. The Court ruled in favor of the Department based on a previous Supreme Court decision in CIT v. Bazpur Co-operative Sugar Factory Ltd. The third question was not answered as agreed by both parties.