Law:

Section:

Section 28(iiib), read with section 256 of the Income-tax Act, 1961 - Business income-cash assistance - Tribunal deleted addition made on account of cash assistance disregarding provisions of sections 2(24)(va) and 10(3)(ii) and also disregarding Board's Circular - Whether question of law arose out of Tribunal's order - Held, yes Circulars and notifications : CBDT Circular No. 1690 dated 11-2-1986. FACTS The Tribunal deleted addition made on account of cash assistance disregarding provisions of section 2(24)(va) along with section 10(3)(ii) and the Board's Circular No. 1690 dated 11-2-1986. On appeal : HELD Having regard to the fact that the Allahabad High Court and other Courts have dealt with similar issue as arose in the instant case, videCIT v. Swadeshi Cotton Mills Co. Ltd. [1980] 121 ITR 747 (All.), it was to be held that the question of law arose from the Tribunal's order and, therefore, the Tribunal was directed to refer said question. Note : The decision is in favour of the revenue. CASE REFERRED TO CIT v. Swadeshi Cotton Mills Co. Ltd. [1980] 121 ITR 747 (All.). JUDGMENT B.P. Jeevan Reddy,…

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