(1) Where a reference case under section 293 is brought to the High Court Division, it shall be heard by a Bench consisting of at least 2 (two) Judges and in this case as far as possible Code of Civil Procedure 1908 (Act No. V of 1908) the provisions of section 98 shall apply.

(2) The High Court Division, after hearing a reference case brought under section 293, shall pass a decision resolving the question of law raised in the case and shall pass the judgment stating the grounds in which the such decision was taken and shall, under the seal of the Court and under the signature of the Registrar, transmit a copy of the judgment to the Appellate Tribunal and the Tribunal shall issue such order as it may deem necessary for the purpose of legal settlement in accordance with such judgment.

(3) The costs of reference cases of the High Court Division under section 293 shall be determined subject to the discretion of the court.

(4) No matter how the reference case is accepted or filed in the High Court Division under section 293, if the High Court Division does not pass any stay order in respect of the collection of tax in the said case, the tax shall be payable on the basis of the assessee.