TMI Blog1996 (7) TMI 63X X X X Extracts X X X X X X X X Extracts X X X X ..... ollowing two questions of law have been referred by the Tribunal for answer by this court : " (i) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the contract awarded by Bhilai Steel Plant was not a new source of income within the meaning of the second proviso to sub-section (2) of section 3 of the Income-tax Act, 1961 ? (ii) Whether, on t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h section 3 of the Income-tax Act, 1961, with effect from April 1, 1989. This finding of the Assessing Officer was upheld by the Commissioner of Income-tax (Appeals). Thereafter, the assessee approached the Tribunal and the Tribunal granted a depreciation on poclain machinery for a period of 23 months. Hence, the Revenue has approached the Tribunal for referring the aforesaid two questions for ans ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a separate business and that is not the intention. Therefore, what is to be seen is that if the finances are made available from the common pool and management is by a common management, then it will appear that from a common hand, so many businesses can be started. In this view of the matter, we are of the opinion that the view taken by the Tribunal appears to be well founded and both the questi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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