ANIRUDDHA BOSE,J. - (1.) No one appears for the assessee in this reference application today. Earlier, this matter had been called on for hearing on 14th November, 2017 when too no one had appeared on behalf of the assessee. On that day we had directed notice to be issued upon the assessee. We do not find any record of service of notice. The matter was listed again on 5th December, 2017 on which date also assessee went un-represented and without passing any order we posted the matter to be listed under the heading "To Be Mentioned" today, i.e. 12th December, 2017.
(2.) Though there is no record of service on the assessee we are taking up this matter for hearing as Mr. Agarwal, appearing with Mr. Bhowmick, learned Advocates for revenue submit that this reference is below the tax effect as contemplated in Central Board of Direct Taxes (CBDT) circular No. 21/2015 dated 10th December, 2015.
(3.) On merits, Mr. Agarwal has submitted that the second question is the main question, answer to which would guide question Nos. 1 and 3. He has referred to a decision of this Court in the case of Modern Fibotex India Ltd. and Anr. v. Deputy Commissioner of Income Tax and Ors. reported in [1994] 212 ITR 496.;