Law:

Section:

Section 2(7)(c) of the Finance Act, 1984, read with section 256 of the Income-tax Act, 1961 - Industrial company - Assessment year 1984-85 - Though in earlier assessment year, Tribunal had referred question as to whether assessee company was an industrial undertaking but, in relevant assessment year, Tribunal refused to refer identical question on ground that assessee was industrial company according to definition contained in Fnance Act, 1984, and, therefore, no reference was called for - Whether question of law arose from Tribunal's order - Held, yes FACTS For the assessment year preceding the assessment year in question, the Tribunal had referred the question as to whether the assessee company was an industrial undertaking. However, for the assessment year in question, the Tribunal refused to refer identical question on the ground that, for the assessment year in question, the Finance Act, 1984, defined the term 'industrial company' and since, according to that definition, the petitioner was an industrial company, no reference was called for. On reference: HELD The question as to whether the assessee company was an industrial company for the assessment year in question, was a question of law. Note : The decision is in favour of the revenue. JUDGMENT B P. Jeevan Reddy, CJ. - It is brought to our notice that, for the previous assessment year 1983-84, the Tribunal itself has referred the following question for the opinion of this court: "Whether, on the facts and in the circumstances of the case, the Tribunal was, in law, justified in holding that the assessee was an industrial undertaking? " This question corresponds to question No. 1 raised in this I. T. A. For the assessment year concerned in this I. T. A., however, the Tribunal…

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