The Commissioner Of Income Tax,Pune v. M/S.bajaj Tempo Ltd. Akurdi, Pune

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX REFERENCE NO.38 OF 1996 The Commissioner of Income Tax,Pune. Vs. M/s.Bajaj Tempo Ltd. Akurdi, Pune. ..Appellant. ..Respondent. Mr. Vimal Gupta for the Applicant. Mr. S.N.Inamdar along with Mr. Mihir Naniwadekar for the Respondent. CORAM : S.J.VAZIFDAR & M.S. SANKLECHA, JJ. DATE : 6th July, 2012 PC: This is a reference made under Section-256(1) of the Income Tax Act, 1961 (hereinafter referred to as the “said Act”) at the instance of the Revenue relating to the Assessment Year 1982-83. By the aforesaid reference the Tribunal seeks the opinion of this court on the following questions of law. Whether on the facts and in the circumstances of the case, the Tribunal was justified in saying that Bajaj Tempo Employees Welfare Trust is a valid trust in law and it did not violate the rule of perpetuity and it was a bonafide trust? 2The statement of case was prepared by the Tribunal on 10[th] November,1995. The Reference was filed in this Court in 1996. The Advocate for the respondent points out that the tax effect in this reference application would be less than Rs.30,000/- and in view of the CBDT Circular dated 28[th] October,1992 this application should not be entertained. The Advocate invited our attention to the above circular which directs the department not to file reference application where the tax effect would be less than Rs.30,000/-. Hence, we are returning the reference unanswered in view of the Board Circular dated 28[th] October, 1992 as existing when the present reference was filed. There will be no order as to costs. ( M.S. SANKLECHA, J. ) ( S. J. VAZIFDAR, J.)