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Judgment
This reference is made u/s 256(1) of the IT Act, as it stood before the amendment of 1998, made at the instance of Revenue for resolution of certain questions as mentioned in para 1 of the reference.
At the outset it is seen that the amount involved in this reference is a petty amount of Rs. 8,400, covering four assessment years. We are afraid, it was not advisable for the Revenue to seek reference in the case involving such a petty amount. Earlier this Court, vide its order dt. 24th Feb., 1999, in IT Ref. Nos. 69/98 and 70/98 has declined to entertain reference application in a case, which involved an amount of Rs. 13,700. The appeal preferred against the said order of this Court by the Revenue before the Supreme Court was also dismissed.
CBDT''s circular is there against making reference of a dispute involving less than Rs. 50,000, which is now raised to Rs. 1,00,000.
In this view of the matter, we decline to answer the reference, leaving thequestions involved in this reference to be decided in some other appropriate matter.
This reference stands disposed of as aforesaid but without any order as to costs. A copy of this order be transmitted to the Tribunal.