Judgment ( 1. ) THIS is an application made by the Revenue -under Section 256 (2) of the IT Act consequent upon the dismissal of their application made under Section 256 (1) of the IT Act by the Tribunal vide its order, dt. 27th May, 1997, in RA No. 28/ind/1997, which in turn arose out of the ITA No. 201/ind/1992. ( 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 is 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 a case reported as CIT v. Gujarat Electricity Board (2003 )181 CTR (SC )28 , [2003 ]260 ITR84 (SC ). ( 4. ) UNDER these circumstances and taking into account the law laid down by the Supreme Court in Gujarat Electricity Board 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.