TMI Blog1996 (4) TMI 50X X X X Extracts X X X X X X X X Extracts X X X X ..... 256(2) of the Income-tax Act, 1961 (for short " the Act "), seeking a direction to the Tribunal to state a case and refer the proposed question as extracted below on rejection of the application registered as R. A. No. 241/Ind of 1992 for the assessment year 1983-84 on February 8, 1993, arising out of the order passed by the Tribunal on July 27, 1992, in I. T. A. No. 681/Ind of 1989 for our consi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Act which was rejected on February 8, 1993. Thereafter, the applicant has filed this application under section 256(2) of the Act. We have heard Shri D. D. Vyas, learned counsel for the applicant, and Shri R. C. Kochatta, learned counsel for the non-applicant. We have perused the order of the Tribunal passed on July 27, 1992, in I. T. A. No. 681/Ind of 1989. The Tribunal took the view as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee in a bona fide manner looking to the fact that the assessment year involved, i.e., 1983-84, was in fact the fifth year of the existence of the assessee which had come into existence from the assessment year 1979-80 while before that it was the proprietary concern of Shri Motilal. Therefore, in our view, the learned Commissioner of Income-tax (Appeals) again took the correct view in hold ..... X X X X Extracts X X X X X X X X Extracts X X X X
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