- (1.) THIS is a reference application under S. 256(2) of the IT Act, 1961 seeking direction to call the reference from the Tribunal on the following question of law : "Whether, on the facts and in the circumstances of the case, the Tribunal was right in confirming the order of the AAC who has relied upon Supreme Court's ruling in the case of CIT vs. Maharashtra Sugar Mills Ltd. (1971) 82 ITR 452 (SC) without considering the facts of the two cases ?"
(2.) IT is not in dispute that the said question stand answered by the Division Bench of this Court dt. 10th Oct., 2001, rendered in DB IT Ref. Appln. No. 1/91 CIT vs. Keshav Kray Vikray Sahkari Samiti Ltd. [since reported at (2002) 172 CTR (Raj) 552 : (2002) 254 ITR 365 (Raj) -Ed.]. In view of this, no question of law arises from the order of the Tribunal. The reference application is rejected.;