- (1.) BY this application under Section 256(2) of the, Income-tax Act, 1961, the Commissioner of Income-tax, Kanpur, prays that the following question, stated to be a question of law arising out of an order dated August 23, 1996, passed by the Income-tax Appellate Tribunal, Allahabad, in I. T. No. 1562 of 1990 for the assessment year 1974-75 be directed to be referred for the opinion of this court : "Whether, in law and on facts of the case, the Tribunal is right in holding that the assessee-company is entitled for development rebate at 25 per cent. on plant and machinery and also deduction under Section 80-1 while it is clear that it was not engaged in a 'priority industry' and the product does not fall within the entry No. 18 of the Fifth Schedule of the Income-tax Act, 1961 ?"
(2.) WE have heard Mr, Mahajan, learned standing counsel, and Mr. R. S. Agarwal, learned counsel appearing for the opposite party. Similar question was sought to be referred in I. T. A. No. 194 of 1988 for the assessment year. 1972-73 and the said application was rejected by this court on July 17, 1989, and the Commissioner's special leave petition has been dismissed by the Supreme Court being S. L. P. (Civil) No. 16518 of 1994 (see [19941 210 ITR (St.) 6). Accordingly, the present application is also rejected.;