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2014 (11) TMI 517 - HC - Income TaxRejection of reference application u/s 256(2) – Reference for substantial question rejected – Matter pending for almost seventeen years - Held that:- Taking note of the order dt.26.3.2003 disposing of application filed by the revenue u/s. 256 (2) of the Act arising out from AY 1989-90 and pending consideration in DB Income Tax Reference-4/2003 and the nature of transaction are almost the same including substantial question which emerges for consideration as regard scope of Sec.80 HHC of the Act is concerned, reference application deserves acceptance – thus, the reference application is accepted with a direction to make a direction to the Tribunal since the matter is pending for almost seventeen years – Decided in favour of revenue.
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