JUDGMENT
1. Heard Shri Ashok Kumar for the Revenue, and Shri R.P. Goel for the assessee, on the question of admission.
2. This is a reference application under Section 256(2) of the Income-tax Act, 1961.
3. Having heard learned counsel for the parties, this court is of the opinion that the following question of law does arise out of the order passed by the Tribunal : "Whether in view of the ratio of the decision of the Supreme Court in the case of McDowell and Co. Ltd. v. CTO [1985] 154 ITR 148, the Tribunal was correct in law in holding that the trust is genuine ignoring the fact that the creation of the trust was nothing but a colourable device to avoid the proper tax incidence ?"
4. The Income-tax Appellate Tribunal is directed to draw up a statement of the case and refer the above quoted question of law to this court.