INCOME TAX APPELLATE TRIBUNAL Vs. CAMBATTA S C AND COMPANY LIMITED

JUDGEMENT

(1.) THE question that arises for our consideration in this appeal does not seem to have been considered by any Court. Perhaps the reason is--so it seems to us-- that the answer is very obvious. It appears that the petitioner company transferred to a subsidiary company the business of Eros THEatre and Restaurant and the subsidiary company paid Rs. 5,00,000/- for goodwill.

(2.) MR.Joshi who appears for the Income-tax Authorities is perfectly right when he contends that the power of reference is a limited power conferred upon the High Court under Section 66 and that we should not extend the ambit of that power. He is equally right when he contends that a reference only lies under Section 66 provided that a question of law arises out of an order passed by the Tribunal under Sub-section (4) of Section 33, and his whole attempt has been to satisfy us that the second order passed by the Tribunal was not an order passed under Section 33(4).

(3.) APPEAL dismissed.