- (1.) THIS is an application under s. 256(2) of the IT Act, 1961 for calling the following question for opinion of this Court : "Whether, on the facts and in the circumstances of the case, the IAC is correct in law in holding that the commission and subsidy paid to the cane growers formed part of the purchase price of the case and thus allowable for deduction under s. 37(1) of the IT Act, 1961
(2.) THE facts of the case may be noticed in brief. The assessment order passed by the assessing authority was set aside order was the subject -matter of challenge before the Tribunal at the instance of the assessee. The Tribunal by the order of the Tribunal the present reference application has been filed.
(3.) HEARD Sri A.N. Mahajan, learned standing counsel for the Revenue and Sri S. D. Singh for the assessee. exercise of original jurisdiction has been set aside, there was no occasion for the AO to pass the fresh assessment order that so far as the proposed question is concerned, the same question is concluded in favour of the assessee and against 5. The application is dismissed accordingly.;