Cit Vs. Vippy Solvex Products Ltd.

counsels: r.l. jain for the revenue. s.c. goyal for the assessee head note: income tax reference--question of lawregular assessment under section 143(3) in progressheld: issue raised under section 256(2), on dismissal of application under section 256(1), was accademic because regular assessment under section 143(3) was in progress. therefore, no referable question of law arises from the order of the tribunal. income tax act, 1961 s.256(2) in the madhya pradesh high court, indore bench a m. sapre & ashok kumar tiwari, jj, - orderthis is an application made by the revenue under section 256(2) of the income tax act consequent upon the dismissal of their application made under section 256(1) of the income tax act by the tribunal vide its order dated 27-5-1997 in r.a. no. 28/ind/97, which in turn arose out of the i.t.a. no. 201/ind./92.2. having heard the learned counsel for the parties and having perused the record of the case in our opinion no referable question of law really arises out of the matter proposed by the revenue.3. the issue, in our opinion is really academic because admittedly regular assessment under section 143(3) of the act are already in progress and, therefore, we do not find that any useful purpose will be served in calling for a question which even otherwise does not arise in the matter. moreover, the issue sought to be raised has also been settled by the supreme court in cit v. gujarat electricity board : [2003]260itr84(sc) .4. under these circumstances and taking into account the law laid down by the supreme court in gujarat electricity board's case (supra) and the fact that regular assessments are already under way, we do not consider it to be a fit case for calling the question from the tribunal in exercise of' our powers conferred under section 256(2) of the act for answering the same on merits under section 256(1) of the act. 5. the application, thus, fails and is hereby dismissed. no costs.